This is the phrase that comes to mind when I think about contracts and legal documents. When I sign, I'm pledging to be faithful to whatever commitment I've made. Sometimes this is great—I lock in a low interest rate for my mortgage, I get a good deal on my cable package, I tell my publisher I'm really going to write that book I've pitched to them. My signature means I don't have to search anymore, at least for the set duration of the contract. I can free up my time to do other things.
But it also means, other deals—sometimes seemingly better deals—come along and if I've signed on the dotted line, I don't get to take advantage of those deals. At least, not unless I want to suffer some kind of penalty. Then the concept of "locked-in" seems freedom-reducing. I'm trapped in this contract that I no longer want to be in any longer and I'm missing out on something I could have if I hadn't promised myself to the first deal.
How do you know when you've gotten the best deal?Read More