Meaning of the word "cooling-off period" in English

What does "cooling-off period" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

cooling-off period

US /ˈkuːlɪŋ ɔf ˌpɪriəd/
UK /ˈkuːl.ɪŋ.ɒf ˌpɪə.ri.əd/
"cooling-off period" picture

Noun

a period of time during which a person is allowed to reconsider a decision or contract without penalty

Example:
Consumers have a 14-day cooling-off period to cancel online purchases.
The couple agreed to a cooling-off period before making any major decisions about their relationship.