A cooling-off period is a designated amount of time during which a person can reconsider and potentially cancel a decision or contract without penalty. This period allows individuals to take a step back and carefully evaluate their choices, providing a necessary buffer to prevent impulsive or regretful actions. It is often used in the context of consumer rights, giving buyers the opportunity to back out of a purchase if they feel pressured or unsure. The cooling-off period serves as a safeguard against hasty decisions and promotes informed and deliberate choices.