Contract Tips

1. Consult an attorney for advice and counsel.
2. Put all agreements in writing.
3. Oral agreements are superseded by written ones.
4. Signing under duress or fraud voids a contract.
5. Try to avoid mistakes in the contract.
6. There must be consideration (promise, money, property, services) by both parties to have an enforceable contract.
7. Try to make all parts of the contract easily understood, or courts (if necessary) will interpret for you.
8. Contracts entered into for illegal purposes are void.
9. The buyer is usually liable for not performing under contract, when it is due to his/her own carelessness. When performance is beyond buyer's control, the contract may not be enforceable unless the buyer accepts responsibility.
10. Make sure that each party has a copy of the contract.
11. A contract which gives the seller all the advantages and/or with too many provisions will probably not be accepted by the buyer.
12. If a buyer written contract is used, be concerned about what is included. Do not sign the contract just to get the sale completed.
13. Buyer should know of any special conditions before negotiating a contract, since this may affect prices.