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When you purchase an item on eBay, you enter an agreement to complete the transaction as well.
However, if you have a valid reason and can't complete a purchase, contact the seller and ask them to cancel the transaction. eBay cannot cancel the transaction. It can only be cancelled by the seller.
If the seller doesn't agree to cancelling the transaction, you will have to fulfil the terms of the transaction.
Note: The order cannot be cancelled if the seller has already shipped the item.
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