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A cooling off period is a length of time in which the two sides to a purchase agreement, or contract can think things over and cancel with no penalty. There are several different legal areas where a "cooling off period" is operative but for consumers, certain contracts automatically provide the consumer with a 14 day cooling off period in the UK.

Generally, contracts are legally binding, therefore it's difficult to cancel without financial penalty unless you can prove breach of contract. However, in many consumer transactions you are able to cancel the contract and get your money back. This is not an automatic right and dos not cover all consumer contracts and situations. You must research the particular situation.

This period varies from state to state and country to country as to both time and circumstances with some jurisdictions being more liberal on the side of the consumer. In the UK it is currently 14 days in certain situations and 7 days for internet sales.

You can read more about it at the related link.

In the US it is often referred to a a right of rescission and is not as liberal as in the UK. In the US a right of rescission enures to sales contracts such as those signed in a person's home (since that class of sales is generally very aggressive, attractive and convincing at the moment), equity credit lines and refinances of mortgages among other contract sales. The time period can vary from state to state.

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Q: What is 14 day cooling off period?
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