Losing Everything : A Case Study in Contracts


Almost no one likes lawyers.  I don’t even think lawyers like lawyers too often.  Some individuals are ambivalent towards them; most are, at the very least, wary of them; and those who have been on the wrong side of an arrest or a lawsuit are often downright hostile towards them.  For instance, take my co-worker.  For the sake of anonymity, I’ll call him Joel.  Joel’s parents owned a piece of property valued at around $300,000.  Once they had retired and were looking for a way to sustain themselves, they decided that they would try to sell this property, and when a buyer popped up, they entered into a contract to make the transaction official.  Lawyers drew up the paperwork in the standard fashion, and each party signed their names on the dotted line.  The agreement looked something like this (from the way I’ve heard it described):

The buyer (B) agrees…

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