Glossary of terms commonly used in the Wallet


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How to read in Japanese: cooling-off

Cooling-off is a special system to protect consumers as stipulated in the Specified Commercial Transactions Act and other laws. It covers contracts in surprise transactions such as door-to-door sales, and contracts in complex and high-risk transactions such as pyramid schemes.

If you have entered into these contracts, you can unilaterally and unconditionally withdraw your application or cancel the contract you have entered into within a certain period of time. Depending on the nature of the transaction, the cooling-off period is set at 8 days or 20 days, including the day of receipt of the contract document.

In the event of a cooling-off, the vendor cannot claim a penalty or damages from the consumer, and if money has been received, it must be returned to the consumer. The cooling-off procedure must always be done in writing and the notice must be given within the time period.

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