Q: If contract has no stated early termination fee can the other party just make one up?
I signed contract in Ga with representative from a Wisconsin company. I am 22 and representative took me to fancy place and offered food/drinks I got caught up and signed a pretty bad deal. I will pay their early termination fee if have to but seems a little unfair. The salesperson told me that if my business folds the advertising contract would be cancelled but now they are asking for termination fee. Contract is subject to Wisconsin state law. I was reading and am not sure if the cooling off period law applies since it was signed in a place other than their place of business, if so they most definitely did not inform me about my right to cancel and the contract itself makes no mention of it.
Unless you signed the contract less than a week or ten days ago the "cooling off" clause has probably expired. Claiming to have been taken advantage of because the sales guy plied you with fancy food and expensive booze while he was convincing you to sign the "bad deal" will not work. Believing the sales guy when he told you verbally that they would let you off the hook "if your business folds" is also not available as a defense unless it is part of the written contract.
Finally, without looking at the contract and without knowing what you purchased, I am willing to guess that paying them the cancelation fee will be a whole lot cheaper than having to complete your end of the marketing contract.
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