Many consumers have misconceptions about their legal protections. New Jersey has relatively strong laws concerning consumer fraud. However, this does not mean you have protection every time you spend money on a product or service.
If you believe a company took advantage of you through deceptive business practices, see below for some common misconceptions. Then you can decide if you want to take legal action.
Refund policy in New Jersey
No company has a legal obligation to initiate a refund. Not every product or service has a state or federal law mandating the right to return. However, according to New Jersey Consumer Affairs, every store must disclose its refund policy. New Jersey law requires the business to inform their customers if they have a return policy of 20 days or less. If you do not see any guaranteed refund claims, do not assume you can return your purchase.
Right to cancel contracts
Not every transaction has a three-day right to cancel. Federal protections for cancellation cover cash or credit transactions in person and away from a regular place of business. In New Jersey, you can cancel most signed contracts within 72 hours. For example, if you refinance your home, the 72-hour law applies. However, you cannot cancel a contract for an initial mortgage to purchase real estate.
You have a lot of protection as a consumer in New Jersey. Still, do not make any assumptions when you make a purchase. Take extra care when signing a contract to understand your rights as a consumer and if you can cancel within a certain period.