Bedenkzeit
In English: Time to think
Nobody can make you sign on the spot. You may take the draft home and have it checked. "Sign today or the offer is gone" is a pressure tactic.
Watch out: There is no cooling-off period after you sign.
Open the simulator See Bedenkzeit in action: work through a layoff case where it decides the outcome.
This page explains German employment law in general terms. It is not legal advice for your situation. If a layoff affects you, talk to an employment lawyer, your union or your Betriebsrat.