cooling-off period

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Cooling-Off Period

An interval of time during which no action of a specific type can be taken by either side in a dispute. An automatic delay in certain jurisdictions, apart from ordinary court delays, between the time when Divorce papers are filed and the divorce hearing takes place. An amount of time within which a buyer is permitted to cancel a contract for the purchase of consumer goods—designed to effect Consumer Protection. A number of states require that a three-day cancellation period must be allowed purchasers following door-to-door sales.

A cooling-off period is frequently used in labor disputes. There might, for example, be a period of one month following the filing of a grievance by a union or company against the other, during which neither the union nor the company is allowed to take retaliatory actions against each other.

cooling-off period

a time during which a person can withdraw from a binding contract without any serious penalty. A cooling-off period is not normally available. Such provisions can be found in relation to CANCELLATION of consumer credit contracts, TIMESHARE contracts and DISTANCE SELLING contracts among others.
References in periodicals archive ?
These courts have held that when Congress establishes fixed time periods, such as the 90-day preference period and the 10-and 20-day periods for sending a reclamation demand, a court cannot then extend them.
The Ninth Circuit's decision in In re Greene closes a loophole that bankruptcy trustees and debtors in possession have uncovered, and some courts have accepted, to expand the 90day preference period and the 10-or 20-day periods for sending a reclamation demand by up to a few extra days when the last day of the period falls on a Saturday, Sunday or legal holiday.
There is also a 10-or 20-day period for trade creditors to send a written demand for reclamation of their goods delivered to the debtor shortly before the debtor's bankruptcy filing.