Open doors, trap doors, and the law

Accordingly, the term "open door" will be used to refer to situations in which an individual can exercise, ex post, a right to rescind or withdraw from (and thus reverse) an ex ante commitment or decision. More specifically, within the realm of contract theory, this article focuses on implications for contract formation interpretation and the design of contractual default rules. © 2011 by Shmuel I. Becher and Tal Z. Zarsky.