1. a time permitted to change your mind, or return a purchase in consumer rights law.
cancel/return goods/services within a 30-day cooling-off period
A 'cooling-off period' is an amount of time within which you are permitted to receive a refund or exchange on an item due to simply changing your mind. This is an option that some shops and salespoints choose to offer their customers in order to encourage them to buy and minimise the risk or purchasing for the consumer. "All of our items come with a 14-day cooling-off period within which you are entitled to change your mind." This is an expression used in professional and commercial contexts.