In addition to what Frank Caggiano said:
If you sign into the AppStore, there is a link to the "Terms and Conditions" at the bottom of the page (in very small print).
http://www.apple.com/legal/internet-services/itunes/uk/terms.html
You have the right to withdraw from your transaction without charge and without giving any reason until delivery of the product has started. You do not have the right to withdraw from a transaction once delivery of the product has started at which point your transaction is final. The Stores’ services commence immediately when you begin to download a product from the relevant Store and you will not have a right to cancel your contract once the services commence unless you have received an unacceptably poor download. If this happens, you must tell us as soon as possible using the “Report a Problem” link in your invoice, and if the poor download is caused by iTunes and cannot be resolved, a refund may be provided.
Note: Once the program has been delivered, your only option to cancel the purchase would be a poor download, not if you do not like the program.