The
Cooling Off Period
Contract
cooling off periods - There is a popular misconception
that consumers always have what is referred to as a 3-day cooling
off period, or 3 days to decide whether you want to honor a signed
contract. Unfortunately, many people sign contracts under this
misconception and find out that they don't.
The cooling off period is generally
reserved for sales that happen in your home and where the
salesperson was not invited. An example of such a case would
be where a salesperson is canvassing a neighborhood, stops in, and
you sign a contract.
The intent of the cooling off
period is to recognize that the parties are not on equal ground
since the salesperson is geared up for the sale but the consumer is
caught unaware.
This does not apply to any
situation where the consumer visits the merchants' place of business
and signs a contract at that location and seldom includes a situation where the
consumer calls and invites the salesman to a pre-arranged
appointment.
What if the salesperson says I
do have 3 days?
Maybe, maybe not. Unless the salesperson is willing to
write that into your contract, you are better off assuming that you
are not covered by the cooling off period. If it is written
into the contract, then the statute doesn't matter.
If you are in doubt as to whether
the cooling off period applies, you should contact an attorney
before signing an agreement or wait and sign the agreement at a
later time. Though the salesperson may tell you that this is
your one and only chance to make a great deal, giving up this
opportunity may be better than getting into a deal that you wish you
had not.
