A "cooling off period" refers to a time frame during which a person can cancel or withdraw from a contract without facing penalties or consequences. Synonyms for this term include "grace period," "cancellation period," and "revocation period." Another related term is "right of rescission," which provides buyers with the ability to cancel a contract within a certain timeframe without having to provide a reason. Similar to a cooling off period, this provides consumers with protection and the ability to change their minds after making a purchase or signing a contract, ensuring they have the opportunity to reconsider or gather more information before making a final decision.