DRAFTING OF CONTRACTS

BY – SHREAYA KULSHRESHTHA

- A3221517154

- BBA LL.B SEC (C)

CONTRACT OF SALE
A contract of sale is a legal contract. It is a
contract for the exchange of goods, services
or property that are the subject of exchange
from seller (or vendor) to buyer (or purchaser)
for an agreed upon value in money (or money
equivalent) paid or the promise to pay same.
It is a specific type of legal contract.

An obvious ancient practice of exchange, in

many common law jurisdictions, it is now
governed by statutory law. A contract of sale
may be absolute or conditional depending
upon the desire of contracting parties.
AGREEMENT TO SELL
An agreement of sale constitutes the terms
and conditions of sale of a property by the
seller to the buyer. These terms andBeing an
important document in the sale transaction,
it enables the process of sale to go through
without any hurdles. All the terms and
conditions included in the agreement of sale
must be understood thoroughly by both the
parties and obeyed throughout the sale
process till the time the sale deed is made.
Agreement of sale is the base document on
which the sale deed is drafted.

Sale deed is the document prepared at the

time of full payment made by the buyer and
when the actual transfer of the property
takes place. conditions include the amount
at which it is to be sold and the future date of
full payment.
RENT AGREEMENT
A rental agreement is a contract, usually
written, between the owner of a property and
a renter who desires to have temporary
possession of the property as distinguished
from a lease which is more typically for a
fixed term. As a minimum, the agreement
identifies the parties, the property, the term
of the rental, and the amount of rent for the
term. The owner of the property may be
referred to as the lessor and the renter as
the lessee. There is typically an implied,
explicit, or written rental agreement
or contract involved to specify the terms of
the rental, which are regulated and managed
under contract law. Examples include letting
out real estate (real property) for the purpose
of housing tenure (where the tenant rents a
residence to live in), parking space for a
vehicle(s), storage space, whole or portions
of properties for business, agricultural
institutional, or government use.
SERVICE CONTRACTS
A service contract agreement is a legal
document that outlines the agreed terms as
part of a professional agreement. This type of
service agreement is often used when a
company hires an outsource worker, such as
a consultant who provides a service, to
complete projects within the business. A
service contract agreement is established
between the two signing parties to legally
protect the business and the individual
worker.

SIGNING PARTIES : The service contract

agreement must outline the agreeing parties that are part of
the contract. This is the company and the contract service
worker. The service contract agreement should include a short
description of the company and why it requires additional
outsourced help, along with a description of the service
worker and what she can offer the business.

RULES AND RESPONSIBILITIES : A list

should be created that outlines what roles and responsibilities
the serviced-based worker has in the business. Since she is
performing a service, each individual step or requirement may
not be outlined. For instance, if she is a budgeting specialist,
the list of responsibilities can include, but not be limited to,
identifying issues with the existing budget, creating new
budgeting plans for an operational budget and implementing
and tracking these new developments.

Time Frame and Payments :

A suggested time frame should be proposed by the company.
This is a desired deadline, as a project can change for various
reasons, including broken software programs, sick employees
or a limited budget. A salary or project payment should also be
mentioned in this section of the agreement, so the contractor
knows what she is getting for her service-based help.

Changes or Alterations :
Any changes or alterations that need to be made to the service
contract agreement need to be approved by both the company
and the contractor. The service contract agreement should
outline the procedures necessary to change any terms or
conditions in the contract. This can include providing a larger
budget for the project or expanding the timeline, if unforeseen
circumstances have caused the project to run longer than
expected.

Legalizing the Service Agreement :

The service contract agreement must be dated and signed by
the employer or business owner and the contractor hired for
the job. The signatures legalize the service contract
agreement between the parties, so it can be used in a legal
sense should the company or the contractor be seeking legal
action if the agreement is broken.

ESSENTIALS OF CONTRACT :

 OFFER
 ACCEPTANCE
 CONSIDERATION
 CAPACITY
 LAWFUL PURPOSE