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