"Cooling off period
A cooling off period is defined as the period of time you're allowed, after signing an agreement, to cancel it without incurring a financial penalty.
Legislation regarding cooling off periods is complex. Indeed, there are five main pieces of legislation consumers can call upon if they wish to back out of contracts they've entered into. It should be noted that cooling off periods may vary from 5 days to 30 days, depending on the type of product agreement reached and how the agreement was reached.
The best known protection for consumers is the Consumer Credit Act 1974. Here, the cooling off period is 5 days, applies to credit agreements and commences from the time the second copy of the agreement is received by the consumer. It assumes the contract was signed away from trade premises and there have been face to face negotiations with the seller."