Dont want to steal Tanyas post. But so many ask about how to write contracts etc. First I am not an attorney and dont pretend to be one. Ultimately if you have the money I think it is best to pay an attorney to write your farm contracts. Most farms dont like to post their contracts on a public forum so it is kinda hard for new people to know what they should include in a contract etc. Maybe more can post their tips on contract and what they always include
To make a contract valid it has to have basically 2 things.
Agreement (offer and acceptance) Basically 2 signatures of 2 mentally competent people of legal age agreeing to what is written
Consideration--Something of value must be exchanged. This can be money, a horse in trade, labor etc. Just something of value
You can hand write a contract on a napkin and as long as the other person signs it it is a legally enforceable contract.
So lets say I write a gelding contract. It says "said horse must be gelded by 11/01/09. Upon vet proof that the gelding procedure was done, registration papers will be handed over to the buyer. If the buyer does not geld the horse, an additional payment of 1000.00 will be due to the seller by 11-10-09.
So lets say the buyer doesnt geld and doesnt send me my 1000.00 dollars. Now I can file a lawsuit against the buyer for damages of 1000.00
I do think its best to always put what will happen if a buyer doesnt follow through. That way it is clear what is expected and what will happen.
Its also always good to put in any contract that if a person decides to sue you--- the seller----- they must file in the county and state that the seller lives in. That way if someone does sue you -- they have to come to your state and you dont have to travel to defend yourself or get an out of state attorney.
Another thing that throws a lot of people is that once you buy a horse the horse is yours. Weather its still at the sellers farm or not. So many write this in the contract. For example
Buyer aknowledges that with this payment on XXXX horse they are the sole owner of the horse. Should XXXX get injured, sick or die, it is the sole responsibility of the buyer. It is recommended that the Buyer carry Equine Mortality Insurance on XXX horse until it arrives at the Buyers farm.
To make a contract valid it has to have basically 2 things.
Agreement (offer and acceptance) Basically 2 signatures of 2 mentally competent people of legal age agreeing to what is written
Consideration--Something of value must be exchanged. This can be money, a horse in trade, labor etc. Just something of value
You can hand write a contract on a napkin and as long as the other person signs it it is a legally enforceable contract.
So lets say I write a gelding contract. It says "said horse must be gelded by 11/01/09. Upon vet proof that the gelding procedure was done, registration papers will be handed over to the buyer. If the buyer does not geld the horse, an additional payment of 1000.00 will be due to the seller by 11-10-09.
So lets say the buyer doesnt geld and doesnt send me my 1000.00 dollars. Now I can file a lawsuit against the buyer for damages of 1000.00
I do think its best to always put what will happen if a buyer doesnt follow through. That way it is clear what is expected and what will happen.
Its also always good to put in any contract that if a person decides to sue you--- the seller----- they must file in the county and state that the seller lives in. That way if someone does sue you -- they have to come to your state and you dont have to travel to defend yourself or get an out of state attorney.
Another thing that throws a lot of people is that once you buy a horse the horse is yours. Weather its still at the sellers farm or not. So many write this in the contract. For example
Buyer aknowledges that with this payment on XXXX horse they are the sole owner of the horse. Should XXXX get injured, sick or die, it is the sole responsibility of the buyer. It is recommended that the Buyer carry Equine Mortality Insurance on XXX horse until it arrives at the Buyers farm.