Life Style / Time Shares / Rescission: A grace period allowed by law and/or company policy during which time a timeshare buyer has the right to cancel a purchase agreement without penalties. Though rescission periods vary from state to state, the buyer is entitled to receive a refund of his or her full deposit. Rescission is also known as a 'cooling-off-period'.
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Business / Finance / Right Of Rescission: The right to void a contract without any penalty within three days as provided in the Consumer Credit Protection Act of 1968. MORE
Business / Finance / Cooling-Off Period: To deliberately falsify the financial statements of a company. This is an illegal practice. MORE