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[Q=joann486]I am trying to get a contract cancelled. Is a penality clause considered Liquidated Damages? We were also told that if we cancelled our deposit would not be refunded. Can anyone help. Joannv[/Q] [b]In your contract it states that you have a certain amount of time to rescind depending on the state where you bought (usually 7-10 days and 5 days in Mexico). If you don't rescind within that timeframe then I'm afraid you're out of luck in getting your contract cancelled. That's why it's so important to read any contract before signing. And be aware that your credit will be negatively affected if you default on your timeshare financial obligations.[/b]