Cooling-off period
166 Cooling-off period
The cooling-off period, for a relevant contract, is a period of 5 business days—
starting on—
the day the buyer receives a copy of the relevant contract signed by both parties from the seller; or
if the buyer receives a copy of the relevant contract signed by both parties from the seller on a day other than a business day, the first business day after the day the buyer receives the copy from the seller; and
ending at 5p.m. on the fifth business day.
Example—Assume the buyer receives a copy of the relevant contract from the seller at any time on a Monday. Assume also that the cooling-off period is not affected by a day that is not a business day. The cooling-off period ends at 5p.m. on the following Friday.
For subsection (1), if the buyer signs the relevant contract after the seller signed it, the buyer is taken to have received a copy of the relevant contract from the seller when the buyer has both signed the relevant contract and communicated the buyer’s acceptance of the seller’s offer to the seller.
This Act’s bill:Explanatory memorandumSecond reading speech
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