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A contract of sale is an agreement between a seller and a buyer. The seller agrees to deliver or sell something to a buyer for a set price that the buyer has agreed to pay.The contract is then subject to resolutory condition, meaning if the buyer fails to make the payment, the seller takes the item back.
Identity of the Parties/Date of Agreement. The first topic a sales contract should address is the identity of the parties. Description of Goods and/or Services. A sales contract should also address what is being bought or sold. Payment. Delivery. Miscellaneous Provisions. Samples.
A sales and purchase agreement (SPA) is a binding legal contract that obligates a buyer to buy and a seller to sell a product or service.
Get it in writing. Keep it simple. Deal with the right person. Identify each party correctly. Spell out all of the details. Specify payment obligations. Agree on circumstances that terminate the contract. Agree on a way to resolve disputes.