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The forms set forth below are provided to give you an understanding of some of the general principals and considerations that apply to the contracts most frequently entered into by laypeople. DISCLAIMER: This information and the forms provided by www.lawwalk.com are neither legal advice nor intended to be so. The purpose of the information in the forms displayed here is to supply information about the general nature of contracts and the most common factors in contracts which should be considered entering into a contract. It is designed to alert you to the kinds of provisions you should see in a contract. The information displayed at this web site may not apply to your particular situation and the forms may not fit your particular needs. If, however, you believe that this information does suit your needs, you are advised that the information and forms are not intended to be used as a substitute for the advice of an attorney. The fact that you have visited this web site, read this information, read and/or used the sample forms displayed here does not in any way form the relationship of "attorney and client" between yourself and any attorney associated with this web site. CONTRACTS----SOME BASICS There are express and implied contracts. Express contracts set forth specific terms and an implied contract contains terms that are not specifically stated but are inferred in law by the actions of the parties as well as the circumstances surrounding the transaction. Most contracts do not have to be in writing to be binding but certain contracts must be in writing. Before a verbal or written contract is formed, certain elements must be present. The first is an offer to sell goods or a service ; consideration: something of value which is exchanged; and an acceptance of the offer. In the old English Common law, and in most states, something of value must be given in exchange for the promise or the contract to be enforceable and there must be at least two parties to have a contract. Perhaps the more frequent omissions is the failure to anticipate what could go wrong and what to do in case it does. There are a number of contracts which are relatively simple and which most people find themselves entering without ever thinking of a lawyer. Is a lawyer necessary for every contract? The answer to that is a qualified "no." But, if a contract involves large sums, the people paying have expectations that they want to see met. Enter legal advice! Some of the contracts that have come to my attention that seemed to most often have problems were contracts for home improvements, automobile purchases, money lending, co-signing and the sale of personal property like a used car, and home remodeling jobs. When a person is contemplating home remodeling, the homeowner should have a written agreement setting forth the exact price, the work to be done, a description of the materials to be used, a warranty as to materials and labor and a schedule of payments and a retainage requirement. Retainage is a sum of money, usually 10% of the total contract price, which is withheld by the customer pending satisfactory completion of the job. Progress payments are the norm. For example, if a contract is for $10,000.00 in renovations, $3,000.00 would be paid upon signing of the contract; $3,000.00 when one half of the work is complete; and $3,000.00 upon completion of the work. $1,000.00 would be kept in retainage until final inspection is made and the owner is satisfied and signs off on the contract. WARNING: DO NOT ENTER INTO A CONTRACT FOR HOME IMPROVEMENTS BY A PERSON OR COMPANY FOR WHOM YOU DO NOT HAVE REFERENCES. DO NOT ENTER INTO THE CONTRACT UNTIL YOU HAVE CHECKED THOSE REFERENCES. DO NOT ENTER INTO A CONTRACT IF THE CONTRACT DOES HAVE A STREET ADDRESS PRINTED ON THE CONTRACT WITH THE NAME OF THE BUSINESS. THE ADDRESS AND PHONE NUMBER SHOULD BE VERIFIED. Under no circumstances pay a contractor in full before the job has been completed. Stick to the payment schedule, and don't give into to pressure or pleas!! Below you will find several sample contracts for Housekeeping Services, home repairs and remodeling. The more extensive the work the more terms, conditions, safe guards and detailed information there should be. Also shown are sample forms including promissory notes for lump sum payments with or without Interest; Installment payments with or with interest as well as form of Bill of Sale for personal property, motor vehicles, boats, etc. Contract for Housekeeping (download) Contract for House Repairs (basic) (download) Also check out the home repair section DISCLAIMER: THESE FORMS ARE INTENDED TO PROVIDE EXAMPLES OF THE KINDS OF TERMS THAT, AT A MINIMUM, SHOULD BE INCLUDED IN SUCH A CONTRACT. IT IS NOT INTENDED TO SERVE AS A SUBSTITUTE FOR THE ADVICE OF AN ATTORNEY-AT-LAW. BEFORE ENTERING INTO A CONTRACT INVOLVING GIVING SOMETHING OF VALUE TO ANOTHER FOR GOODS, SERVICES OR MATERIALS, BE CERTAIN THAT YOU HAVE A CLEAR UNDERSTANDING OF ALL OF THE TERMS IN THE CONTRACT AND WHAT REMEDIES ARE AVAILABLE UPON DEFAULT OF ONE OF THE PARTIES. AN ATTORNEY-AT-LAW CAN HELP YOU WITH ANY QUESTIONS YOU MAY HAVE ABOUT THE PROPOSED CONTRACT. Ó 2003 James
W. Pearson, Jr., All Rights Reserved FOR
ADDITIONAL INFORMATION CALL THE TOLL FREE HELP LINE 1-800-232-1477 E-mail: lawyer@lawwalk.com JAMES
W. PEARSON, JR. Chair of the Federal & State Credit Union Department & Coordinator of legal consultations under the Family Legal Care Plans offered to credit union members. |
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