Right to cancel (a contract)

{
  "id": "MLC-T-LAW-004340",
  "term": "Right to cancel (a contract)",
  "field": "Law",
  "definition": "A legal entitlement, often granted by statute or contract, that allows a party to terminate an agreement within a specified period without penalty. This right is designed to protect consumers in certain transactions, such as door-to-door sales or timeshare purchases. The federal Truth in Lending Act provides a three-day right of rescission for certain mortgage loans.",
  "url": "https://mlchart.com/terminology/law/right-to-cancel-a-contract/"
}