Business, Legal & Accounting Glossary
A rule that allows you to cancel a contract within a specified time period (typically three days) after signing it. In the US, federal cooling-off rules apply this three-day grace period to sales made door-to-door and anywhere other than a seller’s normal place of business, such as at a trade show. Another federal cooling-off rule lets you cancel a home improvement loan or second mortgage within three days of signing. Various states have cooling-off rules that sometimes apply even longer cancellation periods to specific types of sales, such as dancing lessons and timeshares.
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This glossary post was last updated: 22nd April, 2020 | 0 Views.