Common Contracts

Common Contracts

David White

Law 421

June 3, 2013

Page Beetem

Common Contracts

The common contracts that I have encountered in my personal life has been my morage, automobile, credit cards and banks. My morage is a 15 year contract at the same monthlky payment for the duration of the contract. This contract also explaines that I have to not only pay on a certain date, but that I also have to pay all land taxes plus insurance. In the last 6 months we just paid off our first auto loan. The auto loan was a high interest but was paidoff after 60 months. I have also have credit cards that I had to sign a contract for to promise to pay back with intrest the amount I used. My wife and I also have a checking account of which we had to sign a contract stating how we would use the account and what we could and could not do with the account.

My professional side of contracts are just as many or more. I had to sign an employement contract stating what my salary is and my hours of work. I also have had to sign a contract to keep company information confiditual. During my time as a project manager for a construction firm I would have to sign contracts on additional work to be completed by us or others.

My struggle with most contracts is the way they are put together. It always bothers me that I missed something in the small print or that I’m going to sign it anyway so I don’t read it at all. With that said I feel most contracts are written for lawyers not for the average person to understand. This is where a lot of people get in to trouble especially in the mid 2000 when the housing market was booming.

Our weekly topic went over contracts between buyer and sailer and what the UCC exspects out of both during their transaction. We also went over breach of contract, along with implied and exspress warenties as it deals with all conctracts. This week also went over the UCC Article 2 which breaks down who is at risk and the responsablty between sale on approval, sale on...