Contracts are promises that the law will enforce. The law provides remedies is breached or recognizes the
performance of the promise as a duty. Contracts arise when a duty does or may come into existence, because of a
promise made by one of the parties. To be legally binding as a contract a promise must be exchanged for adequate
consideration.
Adequate consideration is a benefit or detriment which a party receives which reasonably and fairly induces them to
make the promise/ CONTRACT.
FOR EXAMPLE; promises which are purely {GIFTS} are not considered enforceable because the personal
satisfaction the grantor of the promise may receive from the act of giving is normally not considered adequate
consideration.
WAS IT? {BORROWED/LOAN or BEGGED/GIFT}
"WRITTEN CONTRACTS" OR "A GOOD OLD HANDSHAKE" (ORAL)
A deal done on a handshake - "You do X for me, and I'll pay you Y" - is a contract,
Because it is a legally enforceable agreement involving an exchange of promises. Most
Contracts are enforceable whether they are oral or written. Nonetheless, you should always have written contracts for all your business relationships.
There are several reasons why written contracts are better than oral contracts:
The process of writing down the contract's terms and signing the contract forces both
Parties to think about - and be precise about - the obligations they are undertaking. With an oral contract, it is too easy for both parties to say "yes" and then have second thoughts.
When the terms of a contract are written down, the parties are likely to create a more
Complete and thorough agreement than they would by oral agreement. A hastily made oral agreement is likely to have gaps that will have to be resolved later - when the relationship may have deteriorated.
With an oral contact, the parties may have different recollections of what they agreed on
(just as two witnesses to a car accident will disagree over what happened).
A written agreement eliminates disputes over who promised what.
Some types of contracts must be in writing to be enforced. State law requirements vary from state to state, but in most states, a contract for the sale of goods for $500 or more must be in writing.
If you have to go to court to enforce a contract or get damages, a written contract will mean fewer disputes about the contract's terms.
CONTRACTS are mainly governed by (state statutory) and common (judge-made) law and (private law).
PRIVATE LAW; includes principally the terms of the agreement between the parties who are exchanging promises.
This private law may override many of the rules otherwise established by state law.
It's always best to put in written and executed with particular formalities. {OTHERWISE} the parties may enter into
a binding agreement without signing a formal writing document.
Check your state's laws.
General Obligations of Parties.
The obligation of the {SELLER} is to transfer and deliver and that of the {BUYER} is to accept and pay in
accordance with the {CONTRACT}.
Definitions:
{DEPOSIT} Money or something, given to hold something, to show your intent to buy.
If you intend to buy something, and give a (deposit) and back out of the deal, and say you
want your (deposit) back, you had best make sure it is refundable.
If it is {NON-REFUNDABLE} you will not get your deposit back!
{GOOD FAITH} in the case of the {SELLER} means honesty in fact and the observance of
reasonable commercial standards of fair dealing in the trade.
{RECEIPT} of {GOODS} means, {BUYER} taking physical possession of them.
{RISK OF LOSS} Where the (contract) requires or authorizes the {SELLER} to ship the {GOODS} by carrier.
If it does not require him to deliver them at a particular destination, the risk of loss passes to the {BUYER}.
If it does not {STATE} in the (contract) the amount of (time to pass),
{THE BUYER} on his receipt of the
{GOODS} Is fully responsible for {GOODS} on delivery.
{DAMAGES} Damages are generally awarded under contract {When} one party to a contract fails to perform his or her obligation; the
other can seek damages. If a person has agreed to buy an article from another person, his or her refusing to {take delivery} or
{deliver} (fails to perform his obligation) and results in the breach of the contract.
What this all boils down to, is if you do a contract the BUYER and SELLER are both aware of what is going on.
And if you {DO NOT} do a contract, it is your word against theirs, this is were the (judge-made) law comes in to play.
{Who is more believable!}
It is a very good idea to do a contract when you are dealing with ANIMALS; there are so many things that can go wrong!
And when you READ A CONTRACT ask questions, if you do not understand what it says or means!
And read the small print it could say; (we have a taillight guarantee, when your taillights
can not be seen, your guarantee is too)
I have done many contracts and I have not yet had one contested!
If you spell everything out you are covered.
And put a {SEAL} on the contract so it can not be FUDGED.
There can only be one contract.
"ALL COPYS OF CONTRACT ARE VOID"
If you wish to know more consult a lawyer.
The $50.00-100.00 you spend could save you thousands!
