Contracts

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  In Florida, a valid contract must involve the exchange of goods, money or services. Florida statutes refer to the exchange of goods or services as the "consideration" and a contract has no legal basis unless it features some form of consideration. Generally, valid contracts in Florida take written form but the state does recognize verbal contracts in certain situations. When two parties reach agreement on the terms of a contract, the state of Florida does not generally provide either party with a right to rescind that agreement.

  
  

  
  
  
  

Federal Law

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  Federal lending laws that apply to residents of Florida and every other state entitle you to a three-day right of rescission when you refinance a mortgage on your primary residence with a new lender. The right of rescission only pertains to the refinancing of your existing loan and does not cover cash-out refinance loans. If you refinance your home and receive cash back, then the right of rescission only applies to the non-cash-out portion of the loan.