Sales and Purchase Contracts – What You Need to Know Before Signing
Contracts are the foundation of commercial and civil transactions. This article explains the essential elements that must be present in a sales and purchase contract.
The article begins by stating that the contract is the law of the contracting parties, and that any breach of it opens the door to dispute. It then reviews the essential elements of the contract: precise identification of the parties, adequate description of the item sold, determination of the price and payment method, delivery conditions, guarantees, and the dispute resolution clause. It warns against ready-made standard contracts that may not suit the nature of each transaction, and always recommends reviewing the contract by a lawyer before signing.
