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Article Final

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Submitted By julioesparza
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Common Contracts Paper
LAW/421

When it comes to contracts there are many common ones which people encounter. Some are purchasing a car, a home, or even opening a bank account of some kind. These involve agreements that are needed to be made.
Two common contracts that I have encountered in my personal life has to do with my vehicle and my home. I made these purchases in 2009 and in 2010. This is the “contract of sale”. This is defined as a legal agreement or an exchange of products to be swapped from the seller to a buyer on an amount agreed on with money or payments. These is similar when I purchased my vehicle and home. The contract I signed was specific that I pay a certain amount up front for the loan and then make payments each and every month after. This is needed to be done in order to fully have possession of the items I purchase. When purchasing my home and vehicle a bank had to make out another contract because they would fund the purchases up front and I would pay them. They made out a contract and I had to agree and accept the terms and conditions made by the bank chosen. This agreement is usually made after anyone purchases something highly expensive and that cannot be purchased all at once. This has to do with statutory law and makes deals for buyers to be easy to understand. When purchasing a home there is a 30 year mortgage that sometimes takes place, depending how much money is put down up front.
If these contracts were to be breached then repossession of the vehicle would take place and foreclosure would happen with the home. I have not came to this point and do not plan to because I do not know what I would do if it came to it. When contracts are broken and the purchased items are taken away then all the money put towards it would be nothing and for nothing, in my own opinion.
When dealing with any kind of contract has different

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