367.819 Cancellation by purchaser.
303 words·~1 min read·
/ky/chapter-367/367-819A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The purchaser of a business opportunity has the right to cancel as set forth in this
chapter as well as the right to cancel such purchase for any reason at any time prior
to midnight of the thirtieth calendar day after signing a contract for purchasing the
business opportunity. In addition, the purchaser may cancel such purchase at any
time for the following violations:
(a)Not providing locations as represented;
(b)Failing to deliver goods or merchandising materials as represented; or
(c)Failing to comply with KRS 367.809(2).
(2)Cancellation occurs when the consumer/investor gives written notice to the offeror
at the address given in the purchase agreement or otherwise provided by the offeror
and the notice and statement of the buyer's right to cancel provided for in subsection
(1)of this section.
(3)Notice of cancellation, if given by mail, is given when it is deposited in the mail
properly addressed and postage prepaid.
(4)Notice of cancellation given by the purchasers need not take a particular form and is
sufficient if it indicates by form of written expression the intention of the buyer not
to be bound by any contract to purchase the business opportunity.
(5)Within fifteen
(15)days after the date of notice of cancellation by the
consumer/investor, the seller must tender to the consumer/investor any payments as
well as shipping costs made by him and terminate all financial obligations created in
connection with the purchase of the business opportunity. Within five
(5)days of
refund, the consumer/investor shall make available to the offeror the items delivered
by the offeror.
(6)Any waiver by the consumer/investor of a business opportunity of the rights
provided in this section is null and void, and will not operate to relieve the seller of
any obligation placed upon him by this section.