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What is a Cooling-off Period?

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A cooling-off period is a period of time following a sale when the customer may choose to cancel the purchase. It is a legal right in some jurisdictions under certain conditions. Governments impose such laws as a consumer protection in order to reduce aggressive marketing tactics and commercial disputes.
Such laws are often limited to particular types of purchases such as real estate or particular sales techniques such as ecommerce, cold calling and door-to-door sales. It is common for an industry with a high number of customer complaints to be the target of special cooling off period legislation.
In many cases, large firms will offer voluntary measures such as money back guarantees that are designed to avoid regulations that force such conditions.
Overview: Cooling Off Period
Type
Compliance
Marketing
Definition
A period of time following a sale when a customer retains a legal right to cancel the purchase.
Value
Reduces legal disputes and complaints to government agencies and consumer protection organizations.
Discourages aggressive marketing practices.
May have economic benefits as it makes transactions less risky for consumers.
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