Definitions for "Cooling-Off Period"
The purpose of the cooling-off law is to allow you a specified number of days after you make certain purchases to rescind the contract and get your money back. These laws were enacted to combat high-pressure tactics and deceptive salespeople. The laws tell you how much time you have and what steps you must take to cancel a contract. The federal cooling-off rule specifies certain minimum rights for everyone. State cooling-off laws vary from state to state. Some state laws are more liberal than the federal law and provide the buyer even more rights to cancel purchase agreements. Contact your attorney for the specifics in your case.
(USA) A delay imposed informally by the SEC before... Add a comment
A period allowed in certain circumstances when a person who has entered into a contract (for example, an insurance policy or a personal loan) may cancel it without incurring any penalty.