Can I Cancel a Construction Contract Even if I Signed It?
The only way to legally cancel a contract is through the agreement of the parties or through rescission of the contract. There are multiple ways to rescind a contract, including mistakes, fraud, duress, illegality, impossibility, public policy and other applicable state grounds for rescission that vary by state.
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Mistake
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If the parties have made a mistake as to one of the material terms of the contract, you will be entitled to receive a declaration from a court that you do not have to perform or execute your duties under the contract.
Fraud and Duress
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If you were tricked into signing the contract by fraud or coerced to sign the contract under duress, you may seek a declaration that you owe no performance under the terms of the agreement.
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Impossibility and Illegality
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If the terms of the contract are impossible to perform or the subject matter of the contract is illegal, you may also receive a favorable declaration as to your rights. Additionally, if you can convince a court that enforcement of the contract would be against public policy, you may have valid grounds for rescission.
Breach of Contract
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If you fail to perform under a contract that you have signed, you may be held in breach of contract and ordered by a court to perform under the agreement or pay damages to the other party. Business contracts sometimes describe measures to be taken if one party breaches the contract.
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