3-day Right of Rescission
The "three day right of rescission" is also referred to as the "cooling off rule." It is a popular misconception that consumers have this right for most purchases. In fact, it is the exception, rather than the norm.
Typically, the only time you will get a three day right of rescission is for a home solicitation, also known as a "door to door sale." There are a few other times you may be able to rescind an agreement within three days, such as with a home mortgage, but usually, if you buy something, it is yours. There is no "cooling off period" for the purchase of a motor vehicle. There is no "cooling off period" for the purchase of a good, just because it is really expensive or you decide you made a mistake in buying it. There is no "cooling off period" if you buy something from a telemarketer.
Under the cooling off rule, you have three business days to cancel home solicitation purchases of $25 or more. The term "home solicitation" has been extended to apply to sales not only actually at your home, but also at your workplace or at another place that is not the seller's normal place of business, such as a hotel room, convention center or restaurant. At the time of the sale, you will receive two copies of a cancellation form (one to keep and one to send) and a copy of your contract or receipt. The contract or receipt should be dated, show the name and address of the seller, and explain your right to cancel.
