Short answer
In the Hanafi school, once both sides have agreed, the sale is binding and neither can cancel alone, unless there is a defect, an agreed return period, or the item was bought unseen. But if the other side regrets it and asks to cancel, agreeing is a sunnah with a great reward. The Shafi'i and Hanbali schools allow either side to cancel until they part.
A sale becomes binding on offer and acceptance; there is no automatic option to cancel before parting (khiyar al-majlis). Cancellation is possible through a stipulated option (khiyar al-shart, up to three days in Abu Hanifa's view), the option for defects, the option on first seeing an unseen item, or mutual cancellation (iqalah), which is recommended.
Other madhhabs
- Shafi'i
- Both parties keep the option of the session: either may cancel until they physically part.
- Hanbali
- The same as the Shafi'i school: the option lasts until they physically separate.
Explanation
The Prophet ﷺ said, "The two parties to a sale have the option as long as they have not parted." The Shafi'i and Hanbali schools take parting to mean physically leaving each other. The Hanafi and Maliki schools understand it as parting in words: once the offer is accepted, the deal is done. So in the Hanafi school, changing your mind a minute later does not undo a sale by itself.
Ways a sale can still be undone in the Hanafi school:
- Agreed return period (khiyar al-shart): you can agree that the buyer or seller may cancel within a set time. Shop return policies work like this, and keeping them is part of keeping your word.
- Defect (khiyar al-'ayb): a hidden defect that existed at the sale gives the buyer the right to return. See Is it haram to hide a defect?
- Unseen goods (khiyar al-ru'yah): if you bought something without seeing it, such as online, you may return it when you see it.
- Mutual cancellation (iqalah): both agree to undo the sale and return the price and the item.
The Prophet ﷺ encouraged sellers to accept a regretful buyer's request: "Whoever agrees to cancel a sale for a Muslim, Allah will overlook his slip." Being easy-going in buying and selling is a sunnah too.
Deposits and cancellation fees are covered in Is a non-refundable deposit halal? Consumer laws that give cooling-off periods are binding on sellers in those countries.
The evidence
Quran, Surah Al-Maaida 5:1
بِسْمِ ٱللَّهِ ٱلرَّحْمَٰنِ ٱلرَّحِيمِ يَٰٓأَيُّهَا ٱلَّذِينَ ءَامَنُوٓا۟ أَوْفُوا۟ بِٱلْعُقُودِ ۚ أُحِلَّتْ لَكُم بَهِيمَةُ ٱلْأَنْعَٰمِ إِلَّا مَا يُتْلَىٰ عَلَيْكُمْ غَيْرَ مُحِلِّى ٱلصَّيْدِ وَأَنتُمْ حُرُمٌ ۗ إِنَّ ٱللَّهَ يَحْكُمُ مَا يُرِيدُ ﴿١﴾
O you who have believed, fulfill [all] contracts. Lawful for you are the animals of grazing livestock except for that which is recited to you [in this Qur'an] - hunting not being permitted while you are in the state of ihram. Indeed, Allah ordains what He intends.
A completed sale is a binding contract.
Sahih al-Bukhari 2079
Sahih... البيعان بالخيار ما لم يتفرقا ...
"The two parties to a sale have the option as long as they have not parted."
The text the schools read differently on the option of the session.
Sunan Abi Dawud 3460
Grading to be checked... من أقال مسلما أقاله الله عثرته ...
"Whoever agrees to cancel a sale for a Muslim, Allah will overlook his slip."
Agreeing to undo a sale for someone who regrets it is rewarded.
Sahih al-Bukhari 2117
Sahih... إذا بايعت فقل لا خلابة ...
"When you buy, say: No cheating."
The basis for stipulating protection, from which jurists derive the agreed option.
Where the ruling is recorded
- al-Hidaya, Kitab al-Buyu', opening chapter, and Bab Khiyar al-Shart. The sale is binding on acceptance; the agreed option of up to three days.
- al-Hidaya, Kitab al-Buyu', Bab al-Iqala. Rules of mutual cancellation.
- Minhaj al-Talibin, Kitab al-Buyu', Bab al-Khiyar. The Shafi'i option of the session.
Checked by our team. For a more accurate answer to your own situation, consult a scholar. Quran translation by Sahih International. Hadith Arabic from the standard editions of the six books and the Muwatta, with gradings as recorded there; the English is our own rendering. Spotted a mistake? Tell us.