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Federal and state consumer laws allow people to cancel certain contracts or sales of goods for any reason, such as buyer's remorse, or for no reason at all. The Federal Trade Commission (FTC) requires sellers of goods in certain circumstances to allow consumers a cooling off period.

A contract can be terminated through performance, agreement, frustration, or enforcement of contract.

The Head of the Procuring Entity may terminate a contract for the convenience of the Government if he has determined the existence of conditions that make Project Implementation economically, financially or technically impractical and/or unnecessary, such as, but not limited to, fortuitous event(s) or changes in law

Writing Tips for Cancellation LettersKeep it simple, straightforward and to the point.State clearly that you are canceling your contract and include a simple reason why.If you owe any money on the account, request a final bill or enclose the payment.

In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence. Rescission is the unwinding of a transaction.

The remedies can be obtained in the form of damages, restituting the suffering party, rescinding the contract, or ordering the breaching party to perform the contract. These damages shall include the compensation given for financial losses caused by a breach of contract.

As nouns the difference between termination and cancellation is that termination is the process of terminating or the state of being terminated while cancellation is the act, process, or result of cancelling; as, the cancellation of certain words in a contract, or of the contract itself.