A contract for Buying a Car
The contract I have recently participated in involves buying a used car. The contract included two parties, the seller and the buyer (myself). The contract document required the names of the seller and the buyer and their respective addresses and contact information. Also included were the vehicle’s details: type of vehicle, the model, year and color of vehicle, vehicle identification number, and engine number. The car’s mileage at the time of purchase was also included.
The payment method involved a holding deposit that I paid on the date of purchase. There was also a requirement to complete the remaining balance at a later specified date. Both parties agreed that should the buyer fail to pay the remaining balance of the agreed-upon purchase price by the specified date. The buyer will have no further claims or rights to the vehicle unless otherwise indicated by the seller. It was also agreed that if payment is not received by the agreed-upon date, the seller will have no further obligations, and the terms of the agreement will be null and void.
The seller’s responsibility included providing me with the vehicle’s title, registration, odometer reading, and any other pertinent documents or agreed upon paperwork. In the purchase agreement, all risks and responsibilities passed to me as the buyer. This was to happen once all the payment was made.
This contract is an express contract as it involved a written agreement between the buyer and seller as opposed to an implied contract, which does not require that the agreement be expressed in words (Sandholm, 1998). It is also a bilateral contract given that it involves two parties coming into a mutual understanding. The contract was signed off by both parties, therefore, making it an executed contract.
References
Sandholm, T. (1998, March). Contract types for satisficing task allocation. In Proceedings of the AAAI spring symposium: Satisficing models (pp. 23-25).