Basic Information
What is a purchase agreement?
a legal contract between a buyer and a seller
What is the most common type of purchase agreement?
Standard Purchase Contract (the buyer agrees to pay, and the seller agrees to deliver the item)
What are the main reasons for terminating a contract?
Agreement between parties, withdrawal from the contract, contract expiration, or contract invalidity
What Are the Key Components of a Purchase Agreement? (atleast 3)
What type of contract is required for the purchase of real estate?
written form, registered in the land registry
What legal risks can arise from a poorly written contract?
Legal disputes, financial losses, and uncertainties regarding responsibilities and obligations
In what forms can a purchase agreement be concluded?
written or oral form
What are two other types of purchase agreements besides the standard and real estate agreements?
A purchase agreement for movable property and a purchase agreement for a business
What are the ways to terminate a contract?
By withdrawal, expiration (for continuous supply contracts), mutual agreement, or invalidity (court decision)