§ 442. Buyer's or other obligor's right to cancel. 1. In addition to any other right otherwise to revoke an offer, the buyer or other person obligated for any part of the purchase price may cancel the telephone sale until midnight of the third business day after the day on which the buyer has received written notice from the seller notifying the buyer of his right to cancel the telephone sale.

2. Cancellation occurs when written notice of cancellation is given to the seller.

3. Notice of cancellation shall be deemed given when deposited in a mailbox properly addressed and postage prepaid.

4. Notice of cancellation shall be deemed received on midnight of the fifth day after it is deemed given.

5. Notice of cancellation need not take the form prescribed and shall be sufficient if it indicates the intention of the buyer not to be bound.