Writing a contract.... I need a little help

[ThERibMaSTeR]

So I am selling my computer to a guy at work. I need to write a contract, because i am going to let him pay me 150.00 each month for the next 6 months. Any ideas on how the wording should go? I just wanna cover my ass.
thanx

 

[TekViper]

"i am going to let him pay me 150.00 each month for the next 6 months" is really all you need. just make sure he and yourself sign it and it should be legal.

 

[Atrail]

Paper contracts need to be signed in front of a notary!

 

[yellowperil]

It can be informal, just as long as it's clear enough for the both of you. You might want to include terms of what should happen if the computer stops working, he stops paying, etc.

 

[Carbo]

Paper contracts need to be signed in front of a notary!

No, they don't.

 

[Gaard]

Originally posted by: Atrail
Paper contracts need to be signed in front of a notary!

Really? Was the guy at the car dealership a notary?

 

[GasX]

This is all you need:



I, _______, hereby agree to pay ____________ $150/month for six months or a total of $900 for a computer. By signing this document, I affirm that I have inspected the computer and am accepting it with no implied warranty.

Signed: ________________ Date: _____________


Witness: _______________ Date: _____________

 

[ThERibMaSTeR]

thanx

 

[StageLeft]

Originally posted by: Gaard

Originally posted by: Atrail
Paper contracts need to be signed in front of a notary!

Really? Was the guy at the car dealership a notary?

Actually when I bought my car a couple weeks back the car dealership did have a notary on staff who we used.

 

[Gaard]

Originally posted by: Skoorb

Originally posted by: Gaard

Originally posted by: Atrail
Paper contracts need to be signed in front of a notary!

Really? Was the guy at the car dealership a notary?

Actually when I bought my car a couple weeks back the car dealership did have a notary on staff who we used.

Hmmm, maybe he was a notary.

How does one get to be a notary? Be kinda cool to tell people "ya ever need a notary, gimme a call".

 

[Harvey]

Originally posted by: Atrail
Paper contracts need to be signed in front of a notary!

No, they do not. A signed contract is valid and enforcable as long as it meets certain criteria. A contract is a binding agreement comprising:

Offer -- An offer to provide an item, or perform an act (including a promise) in exchage for another item or act.

Acceptance -- Agreement to accept the item or act.

Mutual Consideration -- The price or value of each part of the transaction. The only requirement is that the consideration be adequate and legal.

Time certain -- You cannot contract in perpetuity. Your agreement must show a date and time of completion.

Here's an example that should work:

-----------------

The following is a contract between ThERibMaSTeR and This Guy At Work.

ThERibMaSTeR, hereby agrees to sell my Tandy TRS-80 to This Guy At Work for the sum of nine hundred dollars ($900) to be paid in six (6) monthly installments of $150. The first installment shall be payable on (date).

This Guy At Work hereby agrees to purchase the above Tandy TRS-80 from ThERibMaSTeR at the above named price and payment schedule.

ThERibMaSTeR hereby declares that this Tandy TRS-80 to This Guy At Work is fully functional as of the date of delivery and (name your warranty terms).

This Guy At Work hereby declares that he has inspected this Tandy TRS-80 and agrees that it is fully functional.

Agreed:


________________________

Date:___________________


________________________

Date:___________________

 

[Carbo]

How does one get to be a notary?

Depending upon the state, "the notary applicant must have at least the equivalent of an 8th grade education".
This would rule you out.

 

[sgopal2]

The proper wording for contracts vary by state.

I'd highly suggest you see a lawyer. Improper wording in a written contract may invalidate it. You may be better off with a verbal agreement that is witnessed by a neutral 3rd party. I'm not a lawyer, but here is one place that offers on-line customized purchase contracts:

http://www.lawdepot.com

Although notarization is not required, it may be worth the extra few bucks.

 

[Carbo]

I'd highly suggest you see a lawyer.

See a lawyer? For what? To spend $300 to collect $900? That's absurd.

 

LOL, Carbo. You're right. No need for lawyers here. It would be stupid to get a lawyer involved in a small payment. When you sue for under $5,000, you go to small claims court. And in small claims court no one is allowed to have a lawyer. Why waste money on lawyers for a little amount?

"How does one get to be a notary?"

It's just like other licences. You have to be licensed to practice it. I don't know the basic requirements, but it isn't anything complex and doesn't require knowledge in anything big.

And it is a false assumption to make that one must have a contract notarised in order for it to be legally binding. That's not true. Notary usually serves a different purpose. It's primarily for affidavits and other things having to do with authenticity (i.e., statement of truth).

 

[GasX]

I will reiterate that my contract is sufficient. It even satifies all of Harvey's requirements. The amount of money involved is small and your real legal recourse in the case of default is minimal. That document will be sufficient in small claims court to win your case.

 

[Sluggo]

Originally posted by: Harvey

Originally posted by: Atrail
Paper contracts need to be signed in front of a notary!

No, they do not. A signed contract is valid and enforcable as long as it meets certain criteria. A contract is a binding agreement comprising:

Offer -- An offer to provide an item, or perform an act (including a promise) in exchage for another item or act.

Acceptance -- Agreement to accept the item or act.

Mutual Consideration -- The price or value of each part of the transaction. The only requirement is that the consideration be adequate and legal.

Time certain -- You cannot contract in perpetuity. Your agreement must show a date and time of completion.

Here's an example that should work:

-----------------

The following is a contract between ThERibMaSTeR and This Guy At Work.

ThERibMaSTeR, hereby agrees to sell my Tandy TRS-80 to This Guy At Work for the sum of nine hundred dollars ($900) to be paid in six (6) monthly installments of $150. The first installment shall be payable on (date).

This Guy At Work hereby agrees to purchase the above Tandy TRS-80 from ThERibMaSTeR at the above named price and payment schedule.

ThERibMaSTeR hereby declares that this Tandy TRS-80 to This Guy At Work is fully functional as of the date of delivery and (name your warranty terms).

This Guy At Work hereby declares that he has inspected this Tandy TRS-80 and agrees that it is fully functional.

Agreed:


________________________

Date:___________________


________________________

Date:___________________

I like this one, although it should also spell out the terms if the agreement is defaulted on by either party.

 

[Harvey]

Originally posted by: Sluggo
...it should also spell out the terms if the agreement is defaulted on by either party.

You'd want some more detail if it was something bigger and more serious than a private sale of a single used computer. If this was a bigger deal, I'd put more into it. In this case, I was trying to keep it simple and readable. If ThERibMaSTeR knows the other guy well enough, this is not much more than a bill of sale with payment terms. If the guy defaults, and they can't resolve it by mutual agreement, it's small enough that it would end up in small claims court.

Besides, as the seller, once he deliveres the machine, there isn't much he can do to default on his end of the deal.

 

[Gaard]

Originally posted by: Carbo

How does one get to be a notary?

Depending upon the state, "the notary applicant must have at least the equivalent of an 8th grade education".
This would rule you out.

How's your daughter doing?

 

[AlienCraft]

I like this one, although it should also spell out the terms if the agreement is defaulted on by either party.

The "defaults and remedies" aspect is very important. If you do not say... "stop paying and I get to get my computer back and keep your money" , you are S.O.L. if they stop paying. All that contract says is he agrees to pay, not what will happen if he stops or quits or fails to complete the deal.
Try a Paralegal.....

 

[Carbo]

How's your daughter doing?

She just completed her first semester of her freshman year in high school. She pulled a B- average, and she was elected freshman class Vice President. The school she is attending, by the way, requires 32 credits to graduate instead of the usual 24, and is ranked eighth academically in the state. Thanks for asking, NimRod.
Oh, and how are your brain dead Stepford bastards doing?

 

[Gaard]

Originally posted by: Carbo

How's your daughter doing?

She just completed her first semester of her freshman year in high school. She pulled a B- average, and she was elected freshman class Vice President. The school she is attending, by the way, requires 32 credits to graduate instead of the usual 24, and is ranked eighth academically in the state. Thanks for asking, NimRod.
Oh, and how are your brain dead Stepford bastards doing?

Are you sure she pulled a B- average? Maybe she cheated on her test(s). 'Course, even if she did, she now knows that if she has to cheat to get anywhere in life, it's ok. Right?