Terms Used In Iowa Code 551A.6

  • Contract: A legal written agreement that becomes binding when signed.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
551A.6 Cancellation of contract.
The purchaser has the right to cancel a contract with a seller for a business opportunity for
any reason at any time within three business days of the date the purchaser signs the contract or the date the contract is accepted by the seller whichever is later. The notice of the right to cancel, the seller’s obligation to provide the purchaser with cancellation forms, and the procedures to be followed when a contract is canceled shall be the same as the procedures in chapter 555A for door-to-door sales.
[81 Acts, ch 171, §6] C83, §523B.6
2004 Acts, ch 1104, §30
C2005, §551A.6
Referred to in §551A.3