Sign on the Line Which is Dotted

A contract is an enforceable agreement between two or more people. Contracts may be verbal or written. You might enter a contract to make a large purchase, such as a new car; to receive loans for college expenses; to lease an apartment; to buy an insurance policy; or to accept the terms of a new job.

Before you sign a contract, make sure you read it thoroughly and ask for clarification if you don’t understand; never sign until you fully understand all parts of the agreement. If you do not agree with something in the contract, talk to the other party about changing it. Do not leave any spaces blank; either fill them in or cross them out. Finally, make sure the other party signs that contract too and that you receive a copy of the contract with both signatures.

Generally, you may not break an agreement just because you did not understand it. It is up to you to understand the terms of the contract before you sign it. If you fail to perform your contractual promises, such as failing to pay a debt according to the contract’s terms, your failure is called a breach of contract. A breach of contract can lead to serious consequences.

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