Microsoft 365 refers to subscription plans that include access to Office applications and other productivity services enabled over the Internet (cloud services). Microsoft 365 is your complete office in the cloud.
You can cancel your subscription at any time. However, depending on the product and the type of subscription you have, there may be a penalty for cancelling before the end of your contract. For subscriptions with a monthly commitment payment, there is no penalty for cancelling your contract at any time. Annual commitment subscriptions that are paid month to month my incur some penalties if cancelled early. Annual commitment subscriptions that are paid upfront do not receive a refund if cancelled prior to the full contract period.