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Cooling-off Rule is a rule that allows you to cancel a contract within a few days (usually three days) after signing it. As explained by the Federal Trade Commission (FTC), the federal cooling-off rules gives the consumer three days to cancel certain sales for a full refund.
Whatever the agreement or contract might be called, the general idea is simple: one person (usually called the "Assignor") transfers to another person (usually called the "Assignee") ownership of or control over some asset or other property or an interest in some asset or other property.
Once a contract is signed in Maryland, it is typically binding. Maryland has very few laws that allow a person to cancel an accepted contract. The one notable exception is the Door-to-Door Sales Act.
Residents of Maryland have five business days to rescind contracts for home improvement services, and if the individual is age 65 or older, this period extends to seven business days.
People often think that all contracts allow a three-day cooling off period to cancel. In most cases, there is no cooling off period after signing a contract. However, there are a few exceptions.
You sell goods or both goods and services. The cancellation period is 14 days from the day on which the goods are received by the buyer.