Cooling-Off Period
/ˈkuːlɪŋ ɔːf ˈpɪəriəd/
Definitions
- (n.) A legally mandated timeframe after a contract or agreement during which a party can cancel the contract without penalty.
The consumer exercised her right to cancel the purchase during the cooling-off period.
- (n.) The period after a dispute arises during which parties are encouraged or required to negotiate or mediate before proceeding to litigation.
The contract included a cooling-off period to encourage settlement talks before filing a lawsuit.
Forms
- cooling-off period
- cooling-off periods
Related terms
See also
Commentary
Often included in consumer contracts and certain commercial agreements to protect parties from impulsive decisions; drafters should specify duration and scope clearly.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.