BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
the ability to cancel a contract for most purchases made in the seller’s regular place of business.
|
|
|
protection from abusive telemarketers who try and sell you product over the phone.
|
|
|
three business days to cancel contracts for most purchases made away from the seller’s regular place of business.
|
|
|
one month to cancel contracts for most purchases made away from the seller’s regular place of business
|
Detailed explanation-1: -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.
Detailed explanation-2: -The three-day cancellation rule is a federal consumer protection law within the Truth in Lending Act (TILA). It gives borrowers three business days, including Saturdays, to rethink their decision and back out of a signed agreement without paying penalties.
Detailed explanation-3: -The Cooling-Off Rule gives you three days to cancel certain sales made at your home, workplace, or dormitory, or at a seller’s temporary location, like a hotel or motel room, convention center, fairground, or restaurant. The Rule also applies when you invite a salesperson to make a presentation in your home.
Detailed explanation-4: -Check for the cooling-off period 14 days is the minimum cooling-off period that a seller must give you. Make sure you check the terms and conditions in case they’ve given you more time to change your mind-many choose to do so.
Detailed explanation-5: -Businesses do not get cooling off periods when signing up to contracts at home, on a business premises or at a distance. Unless the contract you have with the company you are purchasing the product from states you have a cooling off period, you will not have one.