Three-Day Cooling-Off Rule of the Federal Trade Commission

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Three-Day Cooling-Off Rule of the Federal Trade Commission
The cooling-off rule allows the consumers a three-day right to cancel a sale placed at the convenience of one’s home, workplace, dormitory, or relatively anywhere. Additionally, it applies to the place temporary rented by the merchant like the fairground, motel room, restaurants, and others. This also covers invitations to present anywhere. However, the rule has its limitations regarding the coverage CITATION Fed15 \l 1033 (Federal Trade Commission, 2015). Moreover, the rule is limited to the services or products that are aimed for personal, family, or household use (DuBoff, 2008).
The rule also has its prerequisites. Firstly, the cooling-off period only applies if the sale is more than $25, and it took place at the places mentioned above (DuBoff, 2008). Secondly, at the time of sale, the merchant should always tell the clients their right to cancel the transaction, and the merchant must provide the consumer two copies of the cancellation form. The first copy is for the consumer, while the second copy is the one to be sent to the respective stakeholders when necessary...