What is a contract?

A contract is a promise or set of promises, for breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. 

Risk. One of the biggest risks, is in not fully understanding your contract.

Before you sign a contract and commit yourself and possibly all your personal assets, ask yourself the following questions:

• Do I clearly understand what exactly I am promising? 

• Has the other party made any real promises?  
  

• What are my rights?  Do I fully understand them?
  

• Am I personally liable for the promises made?
  

• Are my personal assets at risk of seizure and sale?
  

• Is the contract enforceable?