Consumer Contracts
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.
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