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Chapter 10. Under Contract > Elements of a Contract

Elements of a Contract

Contracts serve to record agreements that two or more parties have made with each other and to outline the terms of those agreements. A good contract should protect the promises, expectations, and investments of the parties involved, and if done right, is sufficient to be enforced or to resolve disputes in a court of law.

There are several different types of contracts, ranging from a template contract you find online to a specific contract written up following negotiations.

Form Contracts

Form or boilerplate contracts are pre-crafted templates that are used for basic, often repeated agreements. Most real estate agencies and mortgage brokers will use the same form contract for every client, listing the conditions, limitations, and delivery expectations the company demands, amending the boilerplate only to reflect the terms and provisions unique to each situation. The set-in-stone appearance of this type of contract may seem intimidating. But it is possible to change the form, to add or “line out” something as needed, so long as both parties agree. Both parties should initial the changes.


  

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