Final answer:
Warren can cancel the contract as he is likely acting within the prescribed rescission period provided by law, typically allowed after the buyer receives the public offering statement.
Step-by-step explanation:
Yes, Warren can cancel the contract. When it comes to real estate transactions, such as the buying of a condo development in Minnesota, there's usually a stipulated period during which a buyer can review the public offering statement and decide to proceed with or cancel the contract. In the scenario provided, Janet gave Warren the public offering statement two weeks after he entered into the contract to purchase the unit. Legislation, such as Minnesota's condominium and cooperative laws, frequently provide a rescission period during which the buyer can cancel the contract for any reason after receiving the public offering statement.If Warren decides to cancel the contract within the time frame allowed by state law, which is often a few days to a full week, then he has the right to do so without penalty. Although the background information provided does not depict the exact terms, it is implied there is a rescission period due to the delivery of the offering statement. Since Warren acted within five days of receiving the statement, according to many states' regulations, he is likely within his rights to cancel the contract.In conclusion, based on the common provisions of state laws, Warren should be able to rescind his purchase agreement within the prescribed rescission period after receiving the public offering statement without incurring any liability.