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A cooling-off period describes a time frame in which a party may decide to change his mind about a contract that been agreed and signed without being subject to any penalties.
For example, a loan contract might have been accepted by a borrower. But the borrower decided against it and cancelled the agreement the next day which is still within the cooling off period. The loan contract would no longer apply as it has been terminated legitimately by the borrower.
In this particular case, it is associated with the right of rescission.
Cooling off periods are not written into law.
Therefore, they are applicable when written into contracts itself, or enforced as statutes by consumer protection agencies.
Different types of products and services can have differing cooling off period. So it must not be assumed that one time frame applies to everything.
Some common ways that cooling-off periods are stated in contracts include:
- Active within a particular date, after which it expires
- Active within a number of calendar days from the date of contract
- Active within a number of business days from the date of contract
Most consumers are actually not aware of such cooling off period in which they can use.
As such, you should find out more about what you are entitled to when signing a contract so that any buyer’s remorse can be easily rectified.