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72 hour acceptance
Hey guys, does anyone know where the “72 hour rule” comes from in regard to a bank (or other parasitic corporation) receiving, an offer (promissory note, bill of exchange etc to discharge a liability), keeping the offer longer than 72 hours and not sending it back being acceptance?
Eg. You send the bank a promissory note and other relevant documents to discharge a liability. The bank receives the offer, keeps it for longer than 72 hours and does not send it back, therefore they have accepted the offer by reason they retained possession of it longer than 72 hours.
I have heard this talked about many times by Mark and others but I an just trying to find where that rule originates from so I can understand it better and provide evidence of it to use in court.
I’m looking for, case law, legal maxims, some sort of contract law book or other legal resource that refers to it as evidence such a principle exists.
(I know that it does exist, but I have looked everywhere trying to find it, it must be somewhere as I know that Mark never makes claims he can’t back).
Thank you!
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4 Replies
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The three day period is pretty standard in contract law.
This was on Google;
What is the 3 day period to back out of a contract?
Cooling-off Rule is a rule that allows you to cancel a contract within a few days (usually three days) after signing it. As explained by the Federal Trade Commission (FTC), the federal cooling-off rules gives the consumer three days to cancel certain sales for a full refund.
Also I found this attachment from the US and they talk about a three day cooling off period also.
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at this site……………https://www.consumer.org.nz/articles/contract-law it said; ” If you borrowed money on a credit contract, you can cancel the contract
any time during the first 3 days. If the contract was a hire purchase
agreement for your new DVD player, and you’ve already taken possession
of it, you can get out of the credit agreement but you’ve got to keep
the DVD – and pay cash for it. If you haven’t taken possession, you can
cancel outright and pay nothing.”So the three day period is a pretty standard part of contract law.
consumer.org.nz
The Consumer guide to contract law. We look at your legal rights and obligations when entering into a contract.
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Thanks so much Morag-Janet. Much appreciated.
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also bills of exchange act it is all in there under acceptance. I am in the same process!!!
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