407.937.  Right to cancel contract — notice of cancellation, effective when — form of cancellation. — 1.  In addition to any other right under law to rescind a contract, an owner has the right to cancel a contract until midnight of the third business day after the day on which the owner signs a contract which complies with section 407.938.

  2.  The term "third business day" shall exclude all intervening Saturdays, Sundays and national and state holidays.

  3.  Notice of cancellation, if given by mail, is effective when deposited in the mail properly addressed with postage prepaid.

  4.  Notice of cancellation given by the owner need not take the particular form as provided with the contract and, however expressed, is effective if it indicates the intention of the owner not to be bound by the contract.