2 Answers

Cooling-off period may refer to:

Period of time after a purchase during which the purchaser has the right to return goods for a refund, or to cancel a contract without penalty

Under the U.S. Federal Trade Commission’s cooling-off rule, you have the right to cancel a purchase of $25 or more for a full refund as long as certain conditions are met:

• If you make a purchase entirely by mail or telephone, the rule does not apply.


• When you initiate the sale at the seller’s permanent business location, the rule does not apply, even if the deal is closed in your home.


• In order to take advantage of this rule, you must return the item you bought in a condition similar to how you purchased it.


• Despite popular misconception, there is no cooling-off rule for automobile purchases. Make sure you want that car before you buy it.


• In order for the rule to apply, the purchase must be for personal, family, or household purposes.


• This rule isn’t applicable to purchases made to meet an emergency, such as a natural disaster or an home insect infestation. Nor does it apply to repairs and maintenance on your personal property.


• There’s no three-day cooling off period when you buy real estate, insurance, or securities (such as stocks or bonds). In other words, if you purchase insurance or stocks from a door-to-door salesman, this rule offers no protection.


• You’re also not protected if you buy an “arts and crafts” item at a fair, shopping mall, civic center, or school. For example, if you buy a holiday wreath at your child’s grade school, there’s no cooling-off period.

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