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An agreement entered into by a borrower and its lenders in the course of a restructuring of the borrower's debts. The agreement sets out the basis on which those lenders will continue to lend to the borrower and may, for example, consolidate all the outstanding lending arrangements into one master agreement.
Generally, there's no cooling-off period after you sign a contract. (In Maryland, only a few types of transactions, such as door-to-door sales contracts, allow you a certain number of days to cancel.)
Under Maryland law, a legally binding contract must be supported by consideration provided by both parties. Consideration is something of value that is bargained for and received by a promisor from a promise. In practical terms, this means both parties have to be giving up something for there to be a valid contract.
The buyer can cancel the transaction before midnight of the 5th business day after the transaction. Also, if the buyer is 65 or older, they can cancel until midnight on the 7th day after the transaction. Generally, Saturday is considered a business day.
There are four essential elements of forming a contract: offer, acceptance, consideration, and intention to create legal relations. Beyond this, the terms of the contract must also be unambiguous, and the parties must have the mental capacity to agree.