cooling-off rule

Definition from Nolo’s Plain-English Law Dictionary

A rule that allows you to cancel a contract within a specified time period (typically three days) after signing it. Federal cooling-off rules apply this three-day grace period to sales made anywhere other than a seller's normal place of business. Various states have cooling-off rules that sometimes apply even longer cancellation periods to specific types of sales, such as dancing lessons and timeshares.

Definition provided by Nolo’s Plain-English Law Dictionary.