Cooling-Off Rule

Business, Legal & Accounting Glossary

Definition: Cooling-Off Rule


Cooling-Off Rule


What is the dictionary definition of Cooling-Off Rule?

Dictionary Definition


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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May 18, 2024 https://payrollheaven.com/define/cooling-off-rule/.
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Cooling-Off Rule. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/cooling-off-rule/ (accessed: May 18, 2024).
American Psychological Association (APA):
Cooling-Off Rule. PayrollHeaven.com. Retrieved May 18, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/cooling-off-rule/

Definition Sources


Definitions for Cooling-Off Rule are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 22nd April, 2020 | 0 Views.