Be Careful What You Sign

Be Careful What You Sign

In the scenario of Sudson Washer & Dryer Service (lessor) and Letisha (lessee), a five year period would be the standard lease. The front page of this contract should be signed by both noting Letisha as the lessee and the salesman for Sudson as the lessor. Letisha should retain a signed copy of this contract for her records. Still, the salesman should have informed Letisha that she should read the back of the agreement in order to familiarize herself with the additional terms, one of which regarded the renewal clause to agreements made in that state. This is where she would have taken notice of a provision of what happens if a 90-day written notice of termination is not received by Sudson. Also in their company contracts on five-year leases it is noted that it will renew for three additional five-year terms and will not be terminated unless Sudson decides to cancel it. Since Letisha did not read the entire contract, the salesman sees Letisha as being negligent for not properly reviewing her contract. This brings about the matter of Letisha feeling that ethical issues of conformance about the salesman and she feels she is justified in not wanting to pay the additional expenses.

An agreement that creates an obligation between two or more parties forms a contract, which can be enforced by law that agree on an exchange of something in particular for something of value. They can be written formally or using informal terms, or they can be as informal as a handshake. When one side in the agreement fails to meet his or her part of the contract a “breach” of contract occurs and specific solutions for solving these discrepancies has to be arranged. To describe the arrangement of each party in a contract, the terms of who, what, where, when, and how need to be defined.

The moment that an offer is accepted, a contract is considered valid. For example, if you agree to purchase someone’s old CD player for $40 and both...