What makes a business successful is the way they sell their products and services to prospective customers. For small businesses or businesses selling goods and services, the term normally used for their style of trading is buy and sell. They provide a receipt sample for every purchase made as proof of the transaction. For large businesses or those selling personal properties, land properties, and other assets, they make use of a sales contract instead of a receipt.
There are a lot of contracts out there that are being used. In the business world, contracts are important documents and even life-saving tools to help the business venture away from serious troubles. There are different kinds of specific contracts in the business industry alone, but we don’t have to learn about all of them. One important type of contract that we should know about is a sales contract. Featured in this article are 10+ of the most useful sale contract samples that you can get your hands on. The samples provided are available in PDF and Word to make it easier for you to download and use. Check them out below.
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What Is a Sale Contract?
A sale contract is a legal contract about how goods and services are being sold and purchased. It documents the details of the exchange of the goods and services. A sale contract is formed when both the seller and the buyer agree to the same terms and conditions that are stated in the contract. This contract is commonly used when selling large quantities of goods, for contractual services, when selling real estate properties and other assets, and when selling personal properties such as vehicles, jewelries, firearms, and many more.
There are many uses of a sale contract and almost all types of business sale contract make use of it. Just like with other contracts, a sale contract is ultimately used as a proof that the said transaction took place and that both parties agreed to the terms and conditions stated in the contract, including the item being sold, its price, and how it should be paid.
What Is the Difference between a Sale Contract and an Agreement to Sell?
Before coming across the terms sale contract and agreement to sell, we seem to dump them together because they mean the same thing. But when you are actually asked their difference, that’s the time when you start doubting if they are really the same or not. Well, here is good news! We will help you find the answer to that problem. We will help you determine if a sale contract is the same with a sample agreement to sell and determine their differences if they are indeed different.
A sale contract is defined as a legal contract where goods and services are exchanged for a certain amount of money, which is based on their value. Once the the goods and services are paid and sold, the sample contract is said to be executed. Once the goods and services are sold, its title is transferred to the buyer. But together with the sale or transfer of ownership of the goods and services comes the risks. Any risk in the contract can be transferred either to the buyer or to the seller. We know that even if the goods or the service has been sold, they are still the responsibility of the seller. The buyer also has the right to make claims about damages in the product being sold.
Wait, doesn’t that just sound like they agree to sell and buy the product or services? This is the part where it gets confusing, but it is really not. In a sale contract, the products or services are said to be sold by the seller to the buyer. The selling and buying action already took place. In an contract agreement to sell, only the act of selling exists together with the promise to buy the products and services. This is an arrangement between a seller and a buyer wherein the exchange of goods is set on a specified date or a later date and not the actual date when the agreement was created. This is the distinguishing factor that makes a sale contract different from an agreement to sell.
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Why Is a Written Contract Preferred Over a Verbal Contract?
What are verbal and written contracts? When we say contracts, the first thing that comes to mind is a piece of paper or pieces of paper with a lot of things written on it. There are actually two main types of contracts in use and they are verbal and written contracts. A verbal contract is an agreement between two or more parties that is done through word of mouth. There is no documentation or proof for this type of contract requirement. What each party holds is the other party’s promise to perform their part in the contract. Even if it is not written, it is still considered a legal contract. A written contract, on the other hand, is a type of contract where every detail that has been agreed upon in the transaction is written in a document or on paper. It is ideal for contracts that lasts a long time, like land contracts, loan contracts, or mortgage contracts.
Now both verbal contract and written contract are legal contracts, which means that they are enforceable in the court of law. Any violations in the terms and conditions is subject to appropriate consequences. If that is so, then why do we always see written contracts being used? Why do we prefer them over verbal contracts? Find out the reasons below.
- A written sale contract includes every detail of the sample agreement. It can be used as proof that the said transaction took place and that both parties agreed to the terms and conditions stipulated in it.
- It is most likely that written contracts be used with long-term agreements, like loan contracts and mortgage contracts. A lot of things can happen within the span of time that the contract is effective and a lot of tings can change. But with a written contract, everything can stay as agreed.
- A written contract can help prevent misunderstanding among the parties involved in a contract. It is important that unwanted misunderstanding be avoided because it may end up becoming a breach of contract. If that happens, then a lot of things would get messed up.
- It binds all those who are involved in the contact, thus they are obliged to strictly follow the terms and conditions, and perform their share of responsibilities.
- Being bound to a written legal contract provides peace of mind to the parties involved in it. They will all have to follow what they have agreed on or they will have to face the consequences for breaching the contract.
- You will know when the contract officially starts and when it will end as the specific start and end dates are written in the contract for all the parties to see and follow.
- Written free contracts help reduce the possibility of having disputes within the workplace, especially those disputes that are related to money and benefits.
- A written contract also provides details on how certain claims can be fixed or how certain claims are addressed in case an employee or individual claims for damages.
- It includes various clauses that provide advantages and disadvantages to all of the parties involved in it.
- The details in a contract is precisely written and that makes everything clear.
- There are contracts that need to be cancelled or terminated earlier than their specified end dates. A written contract includes termination clauses, and what should be done by both parties in this kind of situation.
Sale contracts nowadays are all in writing and they come in different forms and sizes. They can be in the form of receipts, warranty cards, invoices, and many more.
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