The town of Dedham, Massachusetts, was settled in 1635, and Massachusetts is one of the thirteen original colonies that eventually became the United States of America. The town was founded based on strong Christian values. In 1636 at the first town public meeting, a covenant was signed that stated in part, that if differences were to arise between the townsmen, they would agree to find resolution through arbitration and that each would agree to pay their respective share for the common good. Almost three hundred eighty years later, these same values are evident in any horse purchase agreement, a common occurrence in this Eastern New England town.
Selling a horse is different than selling a car or other common goods. There is often an emotional bond between the equine and its owner. Even people who breed horses for a living can become attached to the animals in their care. Other owners may need to sell an equine for financial reasons, but the selling may be done with a sense of loss.
It makes good business sense to have the contract of sale written by an attorney familiar with equine law in Dedham. Years ago, certainly before automobiles became the preferred method of transportation, the job of being a horse trader was not well respected. They gained a reputation for being something less than honest by selling horses without full disclosure. In society today, a used car salesman may be looked upon with the same disdain.
You should consult an attorney to be certain, but there are a few fundamental elements that should be in an equine purchase agreement. There should be a complete description of the animal being sold. The description should include the breed, age, gender, registration, markings and perhaps the ancestry if relevant to the contract.
The purchase price for an equine can be beyond the means of a buyer to pay at the point of sale. Installment agreements are not uncommon. If there is a installment payment plan, full information about the repayment plan should be included in the contract. This information should include, but may not be limited to, date payments are due, interest rate charged, the amount of each payment, late payment penalties and detailed information regarding the location of the recipient of the payments.
There should be a clause in the contract that makes it clear what will happen if the buyer fails to meet their obligation to pay. The exact terms of this clause would be subject to discussion. For example, both parties must agree exactly what constitutes a failure to pay and the subsequent right of the seller to take possession of the equine.
If for some reason, the buyer is dissatisfied with the quality or performance of an equine, it is customary that it is the responsibility of a seller to collect the equine and to do so at his or her own expense. Another important contract element is to clearly state when the risk of loss is transferred. In other words, at what time does the buyer take responsibility for the death or other loss of an equine.
All negotiation must take place before the contract is signed. After the contract has been executed and the terms agreed to by both parties, negotiation is over. Read the contract carefully and have your attorney review it to make sure your interests are protected. Sign the agreement only after you are certain that you agree with the terms.
Selling a horse is different than selling a car or other common goods. There is often an emotional bond between the equine and its owner. Even people who breed horses for a living can become attached to the animals in their care. Other owners may need to sell an equine for financial reasons, but the selling may be done with a sense of loss.
It makes good business sense to have the contract of sale written by an attorney familiar with equine law in Dedham. Years ago, certainly before automobiles became the preferred method of transportation, the job of being a horse trader was not well respected. They gained a reputation for being something less than honest by selling horses without full disclosure. In society today, a used car salesman may be looked upon with the same disdain.
You should consult an attorney to be certain, but there are a few fundamental elements that should be in an equine purchase agreement. There should be a complete description of the animal being sold. The description should include the breed, age, gender, registration, markings and perhaps the ancestry if relevant to the contract.
The purchase price for an equine can be beyond the means of a buyer to pay at the point of sale. Installment agreements are not uncommon. If there is a installment payment plan, full information about the repayment plan should be included in the contract. This information should include, but may not be limited to, date payments are due, interest rate charged, the amount of each payment, late payment penalties and detailed information regarding the location of the recipient of the payments.
There should be a clause in the contract that makes it clear what will happen if the buyer fails to meet their obligation to pay. The exact terms of this clause would be subject to discussion. For example, both parties must agree exactly what constitutes a failure to pay and the subsequent right of the seller to take possession of the equine.
If for some reason, the buyer is dissatisfied with the quality or performance of an equine, it is customary that it is the responsibility of a seller to collect the equine and to do so at his or her own expense. Another important contract element is to clearly state when the risk of loss is transferred. In other words, at what time does the buyer take responsibility for the death or other loss of an equine.
All negotiation must take place before the contract is signed. After the contract has been executed and the terms agreed to by both parties, negotiation is over. Read the contract carefully and have your attorney review it to make sure your interests are protected. Sign the agreement only after you are certain that you agree with the terms.
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