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A cooling off period allows you to back out of the contract for a short period after entering it. Designed for 'buyers remorse' probably. You should really be agreeing on all the terms of the agreement upfront. But it would be possible to exchange and then, during cooling off, say to the...

It is possible to renegotiate terms of the agreement once it has been entered into - on the implied threat of pulling out of the contract. It is generally preferrable to get the terms done before contracting.