Can You Change Your Mind After Accepting a Settlement Agreement in a Maryland Personal Injury Case?
In Maryland, you can rescind a personal injury settlement if you signed the settlement within 30 days of the accident and you did not have an attorney to assist you with your case. If those two criteria are met, you then have 60 days from signing the release to rescind the agreement. This must be done in writing, and you must return any money received from the settlement agreement.
What if I Miss the 60-Day Period to Rescind the Settlement?
Deciding whether to accept a settlement offer resulting from legal action for your personal injury in Maryland can be difficult. Moreover, there are certain situations in which you may decide to rescind a settlement agreement. The Maryland personal injury lawyers at Chaikin, Sherman, Cammarata & Siegel, P.C. can help guide you through the settlement process in the aftermath of your personal injury claim against the at-fault party. Contact us today for a free consultation to learn more about your options.
Reasons to Rescind a Personal Injury Settlement in Maryland
One might choose to rescind a personal injury settlement in Maryland for several reasons.
- Unfair Offer: Often, the insurance company will try to get you to settle shortly after the accident, before you have had a chance to consult with an attorney and you know your rights. They purposefully try to entice you with quick money in the hopes you will settle your case for a lot less than it is worth. We strongly suggest that if you ever receive an offer, you call a Maryland personal injury lawyer to see if it is fair.
- New Evidence: One common reason is the discovery of new evidence that could significantly impact the value of your claim. If additional facts that are specifically identified come to light that were not considered during the initial settlement agreement, it may justify reevaluation and reopening of negotiations.
- Fraud: Another reason could involve fraud or inappropriate tactics such as misrepresentation, where one party was dishonest or misleading during the settlement discussions.
- Mistakes: mistakes or errors in calculating damages can offer grounds for rescission, particularly if the agreed-upon compensation does not reflect the true extent of your injuries or losses. Understanding and navigating these legal nuances requires experienced counsel to protect your rights.
Can an Insurance Company Rescind a Personal Injury Settlement in Maryland?
Insurance companies can rescind a personal injury settlement in Maryland under specific circumstances. Typically, an insurance company may rescind a settlement agreement in cases where misrepresentation, fraud, or mutual mistake is involved in the agreement process. For instance, if the injured party provided false information or failed to disclose crucial facts that would significantly impact the insurance company’s assessment, the insurance company might have the legal standing to nullify the settlement. Additionally, if both parties recognize an error that significantly affects the essence of the agreement, they may mutually agree to rescind the settlement. It is crucial for all parties involved to ensure transparency and accuracy during settlement negotiations to avoid such complications.
Understanding Maryland Law Settlement Agreements
Maryland law recognizes settlement agreements as binding contracts, which means they are legally enforceable once all parties agree upon them. However, certain conditions must be met for a settlement agreement to be valid under Maryland law.
Firstly, all parties must voluntarily agree to the terms without duress, coercion, or undue influence. Furthermore, the agreement should be clear and concise and reflect the parties’ understanding of all pertinent issues, including compensation amounts and conditions. In cases where a settlement is contested, courts will look into whether there was a meeting of the minds between the parties and whether all material terms were adequately addressed. It’s important for individuals entering into settlement agreements in Maryland to engage an experienced Maryland personal injury attorney at Chaikin, Sherman, Cammarata & Siegel, P.C. to ensure all legal requirements are met, and their interests are protected.
When is a Settlement Offer Deemed Accepted Under Maryland Law?
Under Maryland law, a settlement offer is accepted when there is an unequivocal agreement between all involved parties on the contract’s essential terms. This acceptance of the settlement agreement can be demonstrated through written communication, such as signed legal documents, or orally, provided that the communication is explicit and leaves no room for ambiguity regarding the acceptance of the terms. Both parties must mutually assent to the agreement’s material aspects— often referred to as the “meeting of the minds.” Additionally, the acceptance must occur within a certain timeframe stipulated in the settlement offer, if specified, or within a reasonable period.
What Should I Do If I Get a Settlement Offer for My Personal Injury?
Receiving a settlement offer for your personal injury claim can be a pivotal moment in your case, and it’s important to approach it thoughtfully. First and foremost, do not rush into accepting the offer without thoroughly reviewing it. Consult with an experienced personal injury lawyer at Chaikin, Sherman, Cammarata & Siegel, P.C. to analyze the adequacy of the settlement in relation to your current and future medical expenses, lost wages, and other damages arising from the injury. Your attorney can provide valuable insight into whether the offer reflects the true value of your claim. Additionally, it’s wise to consider any long-term implications your injuries might have on your quality of life and assess whether the settlement sufficiently covers these concerns. Remember, you are not obligated to accept the initial offer, and your legal representative will have extensive experience negotiating a settlement that may lead to a more favorable resolution. Take the time to make an informed decision to ensure your rights are fully protected.
What Damages Should Settlement Agreements Cover?
Settlement agreements in personal injury cases should comprehensively address and compensate for various damages incurred by the injured individual. These damages typically fall into two main categories: economic and non-economic damages.
Economic Damages: These are quantifiable monetary losses that result from the injury. They include medical bills, both current and future, necessary to treat the injury. This category also covers lost wages due to the injured party’s inability to work and any loss of earning capacity if the injury affects their long-term ability to work. Additionally, out-of-pocket expenses related to the injury, such as transportation costs for medical appointments, should be included.
Non-Economic Damages: These damages compensate for more subjective, non-monetary impacts. They encompass pain and suffering, which accounts for the physical pain and discomfort resulting from the injury. Emotional distress damages compensate for psychological impacts such as anxiety, depression, or trauma related to the incident. Loss of enjoyment of life, which considers how the injury has affected the injured party’s ability to enjoy daily activities and hobbies, is also included here.
Ensuring that all relevant damages are covered in a settlement agreement is essential for fair compensation, and having a knowledgeable attorney from Chaikin, Sherman, Cammarata & Siegel, P.C. can help ensure that no aspect is overlooked.
Chaikin, Sherman, Cammarata & Siegel, P.C. Will Help You Understand Your Rights in a Settlement Agreement
Getting injured in Maryland can be a scary event. Understanding your rights regarding recovery should not be. An experienced personal injury attorney at Chaikin, Sherman, Cammarata & Siegel, P.C., is standing by to provide guidance. Contact us for a free consultation today.
