Idaho § 45-1603 - Right of rescission of contract
Full text of Idaho Idaho Statutes § 45-1603 — Right of rescission of contract, with citation guidance and answers to common questions.
§ 45-1603. Right of rescission of contract
(1) In addition to any other legal right to cancel or rescind a contract, any person whose property is in foreclosure as described in section 45-1505 , Idaho Code, has the right to cancel or rescind any and all contracts or agreements relating to such property entered into during the foreclosure period within five (5) business days of entering into such contract or agreement. Neither funds nor an interest in the property shall be transferred or transferable until the five (5) days have passed.
(2) Cancellation occurs when such person gives written notice of cancellation to all other parties to the contract. Notice of cancellation need not take any particular form and, however expressed, is effective if it indicates the intention not to be bound by the contract.
(3) Notice of cancellation, if given by mail, is effective when deposited in the mail properly addressed with postage prepaid. Notice by certified mail, return receipt requested, addressed to the address specified in the contract or agreement, shall be conclusive proof of notice of service.
[45-1603, added 2008, ch. 192, sec. 1, p. 602.]
Source: official Idaho text · Last verified 2026-08-27
Frequently Asked Questions About Idaho § 45-1603
What does Idaho Statutes § 45-1603 cover?
Section 45-1603 ("Right of rescission of contract") is part of the Idaho Statutes, the codified statutory law of Idaho. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Idaho § 45-1603?
A common citation format is "Idaho Statutes § 45-1603" (Idaho). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Idaho law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Idaho official source linked on this page or consult a licensed Idaho attorney.
How does Idaho § 45-1603 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Idaho can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Idaho.