Buyer's Remorse Law and Legal Definition
Buyer's remorse is an emotional response on the part of a buyer in a sales transaction, which may involve feelings of regret, fear, depression or anxiety. The best way to cope with buyers' remorse, and minimize its destructiveness, is to make sure that you are as informed as possible. In some areas, cancellation clauses are placed in contracts.
The Magnuson-Moss Act (1973) sets minimum standards for product warranties, makes a company that financed the sale responsible for product defects, and creates liability for "implied" warranties (when the circumstances show that a warranty the product was free from defects was intended) as well as express (stated) warranties. Some states' laws regulate door-to-door sales, false labeling, unsolicited merchandise, abusive collection practices, misleading advertising and referral and promotional sales.