No Comment Added
Optional Information: Chicago, IllinoisAlready Tried: Google, School Library,
Contracts are promises that the law will enforce. They are agreements between two or more parties. 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.
There is no certain way to word a contract. It all depends on the facts. You need to name the parties, what the agreement or promise is, and what the "consideration" is. In other words "who is going to do what" and "what are they going to get for it." All parties have to agree to the terms and to be bound by the contract.
Here is an example of a simple contract:
John agrees to pay Mary $50 to mow the front lawn of his house. Mary will have this complete by June 1, 2008.
The parties: John and Mary
John's part--to pay Mary
Mary's part--to mow the grass.
Reply to dkennedy's Post: Im a paralegal student and having some trouble drafting a sample contract for an assignment. Can I send you the information regarding the parties bound to the contract
I would be glad to help you. Send me the fact pattern, and what is expected of you, exactly. As you probably realize, with a certain set of facts, there is a million different ways to write up a contract. Just let me know the requirements.
Ok, Thanks I understand there is many ways to draft a contract, but my instructor is just looking for a simple draft and then he will correct and have us redo for our final. Here it is
John Doe and I.Fleecem have agreed to enter into an agreement whereby Doe will buy Fleecem's business that is located atXXXXX,Sleepytown,State of Anemia.Parties have agreed on the following terms:1.The sales price will be $50,000 a down payment of 10,000 must be made when the contract is signed and the remaining amountis due in eight monthly installments of 5,000, due on the first of each month following the signing of the contract;2.The sale price excludes the new Mach 8 computer system,which, Fleecem intends to keep; 3.The contract will be signed on May 1,2005, in sleepytown; 4.If the buyer fails to make a timely installment payment( within 5 days of due date), the entire amount due will become due and payable within thirty days. If not paid within thirty days buyer will be considered in breach of the agreement; 5.The parties have agreed that if either party is found to have breached the agreemnet,that damages in the amount of 25,000. will be awarded to the wronged party plus attorney's fees 6.the parties have agreed that all actions will be filed in sleepytown county court and use the law of the State of Anemia. 7. The parties have also agreed that this writing constitutes their final agreement.
When do you have to have this?
By this Thursday 9:00am
Hello just checking if your still there..have not heard from you.
Still here, working on the contract. Stand by. It will be a little while.
Ok..dkennedy Im still here.
Hello can you please notify me of any results at my personnel Email address, the one you got is XXXXXX.XXX@XXXXXX.XXX
Its 2.33 am my time and I have class in the morning.
Thank you in advance
Sorry, our rules do not allow experts to email privately to the customers. I have a few comments about this contract. It appears to be a "business" only--not the building or as it is termed legally, real property. Also, I did not allow for the sale of the "good will" of the business, or kind of like, the person's reputation for the company. I have strictly included a general business description.
Here it is:
PURCHASE AND SALE CONTRACT
THIS AGREEMENT is made this __ day of ____, 2008 between I. Fleecem (hereinafter referred to as SELLER) and John Doe (hereinafter referred to as BUYER).
The Seller desires to sell the _____ business and the Buyer desires to purchase the ____business.
NOW THEREFORE, in considertion of the mutual agreements contained in this documents, and both intending to be legally bound by theM, SELLER and BUYER agree as follows:
1. SALE. The SELLER shall sell and the BUYER shall purchase, said business to be effective May 1, 2008, including all equipment, furniture, customer lists, xxxxxxx (you could, and should list the things separately), which constitute the _____business, with the following exception:
The MACH 8 Computer system IS NOT considered part of the sale of the business, and will not be included.
2. LOCATION of the business is Sleepytown, State of Anemia, which will remain the location of the business for the length of this contract unless otherewise agreed upon by both SELLER and BUYER.
3. PURCHASE PRICE AND TERMS. In consideration of the transfer of the above described business and associated property to the BUYER, the BUYER, shall pay to the SELLER, on and after the closing date, the following amounts:
a) The purchase price of the business is $50,000. This shall be paid with a $10,000 down payment at the time of the execution of this Agreement. The balance of the purchase price shall be financed by the SELLER in the amount of $40,000, to be paid in 8 monthly installments of $5,000 due the first of each month, beginning the first the the month following the execution of this agreement. The payment will be considered to be late if not paid within 5 days of the due date.
b) If a payment is missed and not paid within 30 days of the due date, the agreement/contract will be considered as breached, and the entire amount will become due and payable.
c) If either party is considered to be in breach of this agreement/contract, it is agreed that the breaching party will pay the other party damages of $25,000, plus appropriate attorney fees.
4. ENTIRE AGREEMENT This agreement/contract constitutes the entire agreement between the parties.
SELLER and BUYER have caused this agreement to be executed as of the date written above.
I. Fleecem John Doe
Juris Doctorate Degree
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).