From the course: Real Estate Contracts
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What a contract is
From the course: Real Estate Contracts
What a contract is
- [Instructor] What is a contract? A contract is an agreement between two or more parties. Some typical types of contracts you may be familiar with are independent contractor agreements, bills of sale, lease agreements, confidentiality agreements, joint venture agreements, and purchase and sale agreements. Contracts can have different names to mean the same thing. Generally agreement and contractor are used interchangeably. However, you will find the word agreement is more disarming. Written agreements or contracts are legally binding and document the terms and conditions, rights and obligations for all parties. Contracts are necessary for properly conducting business. You will find that you don't need them when things are going smoothly. They become critical when things go wrong. As Warren Buffett once said, "It is impossible to unsign a contract, so do all your thinking before you sign."
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