After making a deal with some one how many hours or days do they have LEGALY?

I made a deal with some one he had a DJI phantom drone for sale i offers him to trade my iPhone 6 for trade he said yes give me your iPhone and 200 USD dollars we meet up that same night and do the exchange he calls me next day maybe around 10:00 at night he tells me would like to meet becasue he had glasses that came withe the drone and he wanted to know if i wanted them i said yes sure how much he told me 100 dollars he said send me your house address ill be there around 12:00 and 1:00 that night so he got here around 12:45 and got off his car he got in my face and told i want my drone back and here is your **** phone HE WAS BEEN Really PASSIVE AGGRESSIVE i said what's wrong he told me my phone was not working because it was stolen it was my personal phone how can it be stolen well i told him not to worry i can give him his drone and he needs to give me my 200 dollars and my phone he told me NO AM NOT GIVING YOU THE 200 DOLLARS ONLY THE PHONE I SAID WELL YOUR NOT HAVING YOUR DRONE BACK HE immediately said am calling the cops i said ok i will call them to. The police arrived at the scene with in 5 minutes i explained to the officer what had happened the day before and what was going on now the officers spokes with him and spoke to me we decided the best out come that would meet tomorrow around 8:00 at night he did not show up now. AFTER All THIS IV'E SAID BY THE LAW HOW MANY HOURS OR DAYS DOES A PERSON HAVE TO RETURN OR BACK OFF ROM A DEAL 24 hours or how many?

Punctuation and grammar is your friend.

If you know the phone isn't stolen and it worked when you gave it to him you have no obligation to rescind the deal at all.

Depends on the contract that was agreed upon even verbally. Later you agreed to give back his merchandise but only after he gave you the 200 bucks and you even have him a chance for the next night but he didn't show up. So that drone is still yours and it sounds like he was trying to scam you out of 200 bucks. But I feel like IPhones nowadays cost more than drones but I still gotta do that research.

I received message from him that he knows where i live like threshing me now i called the police once again but the told me they couldn't really do any since it was a civil matter and had too take it up to court.