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Read contracts carefully before signing

Original post made on Jul 17, 2014

If you always stop to read the fine print before signing anything, congratulations — your parents trained you well. If you don't, beware: Your signature could commit you to a long-term gym membership you don't really want, an apartment you can't afford or worst of all, paying off someone else's loan you co-signed.

Read the full story here Web Link posted Friday, July 11, 2014, 12:00 AM

Comments (4)

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Posted by Alex
a resident of California Somerset
on Oct 17, 2014 at 4:32 am

It’s extremely important to read what you going to sign! And not just read, it’s important to make sure that you understand all the terms and conditions. It’s easy to become a victim of scam or circumstances in case you don’t read the contract. Then you should be ready to pay much more in the end for your mistakes. We often hurry somewhere and rely on people who make these contracts. But unfortunately, today there is nobody you can trust. I work at lending company Web Link and all the time I remind our consumers to read contracts attentively and to ask all their questions to avoid misunderstandings.

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Posted by alexfendleman
a resident of another community
on Mar 17, 2015 at 6:54 am

Couldn’t agree more and have something to add. Mind whom you are dealing with and what kind of contract you are signing. It’s possible that your counterpart is a reliable partner of yours, so you can defiantly guarantee no hidden clauses have ever appeared for the years you’ve been working together. Then, you can relax a little, but still, never fail to familiarize with every little piece of paper you are singing. It makes all the difference when you are confronting a lender or a renter you know nothing about. Then, it’s recommended to use the expertise of the pros. There is no need to waste efforts on trying to learn every little bit of legal qualifications, because it may take you years. On the contrary, try to address to the pros instead, and let the experienced do the job. It will worth the costs. Otherwise, try to establish good rapport and get involved into positive relations with your counterparts, be it your legit lender like Web Link, or your neighbor as a new renter, or just your grocery vendor. Relations do matter, especially, when you are about to sign an agreement.

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Posted by I pay my debts
a resident of Downtown
on Mar 17, 2015 at 8:08 am

Or how about doing what so many have done in the past few years.

Buy a house you cannot afford with a loan that you cannot afford. When you get too far over your head and the property is now underwater you will just walk away from it and pay no penalty whatsoever. No taxable income from the forgiven debt. No big black mark on your credit. No sleepless nights over your lies to the lender that you intended to pay the loan. Just a debt free get out of jail free card leaving the rest of us to pay for your incompetence and lies.

Or you can also run up your credit card debt, walk away from that and continue on down the path of buying what you cannot afford and letting those who actually pay their bills cover for you.

If you are that kind of deadbeat then I fully support the efforts of anyone who tries to hold your feet to the fire and collect what you owe. Contracts are enforceable, and deadbeats need to find that out.

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Posted by Me
a resident of Another Pleasanton neighborhood
on Mar 17, 2015 at 4:54 pm

If - You buy a car and only later notice that the sales agreement includes an extended warranty or other features you didn't verbally authorize.

That I san insurance policy that can be cancelled at anytime for a pro-rata refund
-- The point is yes read your contract, but also understand basic common and UCC law. Signing something does not make it a contract there are elements which must be met
1) Consideration must e given and received
* Meaning you give something for something else
2) Meeting of the minds
* you agreed upon terms (signing signifies this for contracts over the statute of frauds limit) ($400? )
3) A sum certain - meaning amount is not open ended
4) expected performance period - meaning it can't say if you give me X I will give you Y sometime uncertain in the future (it can be a ways off and tied to an event like death but not indefinite)
5) Within public policy (not illegal)
6) Parties must be in condition to agree, Drunk ok - IE higher than a Georgia Pine) , in a coma not)
7) Must be of legal age - contract with minor is not enforceable (not a license to steal)

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