Contract Order

Contract And Bill Of Sale for Bricklin SV-1 sports car

Dan Grape_ ("Seller") agrees to sell to _ (Student’s Name) ("Buyer")

The vehicle of Bricklin SV-1 sports car, manufactured in New Brunswick in 1975, pursuant to

these terms:

1. The sale of the Vehicle would be 1

August, 2019.

2. The purchase price of the vehicle is agreed at $150,000.

3. During the exchange of the vehicle, the buyer of the vehicle would give the total amount of

money agreed to purchase the vehicle on the day through Cash. During the exchange of the

vehicle, the buyer will commit to pay $100,000 by cash whereby there will be a promissory

note declaring that the balance would be payable within 31 days after the purchase.

4. After recipient of the amount stated above, the seller allows the release of the vehicle

accompanied with the with the following documents indicating the sales date,

 The registration certificate used currently for the vehicle

 Certificate of the title which would be accompanied with the Odometer disclosure

which is signed by the seller.

5. The seller allows releasing the car to the buyer with the registration used currently and a clear

title. The seller would warrant buyer that he is the individual owing the vehicle legally of the

whereby the vehicle would be free from any liens, claims, and encumbrances.

6. The vehicle would be sold “as is” whereby the seller would not make any implied or express

warranties or the performance or condition of the vehicle.

7. However, the seller would take responsibility if they have knowledge of the vehicle is a

salvage vehicle or not has been declared be a total loss according to insurance company

or not

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8. The buyer agrees to change the registration of the vehicle with his/her name with the

department of motor vehicle registration in (city of the student) within the first week of sale

and release date.

9. After recipient of the payment as stated, the seller agrees to transfer the ownership of the said

vehicle to the buyer with the following information

10. Upon the receipt of payment in full, the Seller would allow the release of the asset to the

Buyer ownership with the following information:

 Type of Vehicle: Bricklin SV-1

 Make and Model of Vehicle: Sports car

 Vehicle Registration Number:

 Year of Vehicle: 1975

 Color of Vehicle: Red

 Vehicle Identification Number (VIN):

 Total Vehicle Mileage:

 Engine Number (optional)

 Agreed Vehicle Sale Price: $150,000

____________________________ Date: ___________________

[Signature of Seller]

____________________________ Date: ___________________

[Signature of Buyer]

Additional Clause

From the agreement, as the seller, I have added clause 7 of the accord. The clause is set to

protect me from falling into a victim of fraud. The clause indicates that the seller would be liable

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and take responsibility if he knowingly sells a vehicle that is salvage or written off. The reason

for setting the clause is due to the model of the vehicle being a vintage model and is a limited

edition which makes it vulnerable for salvage or being written off.

A car is written off or on salvage if there are extra costs related to repairs due to damages

or weather, accidents, or theft, and the cost would be worth more than that of the car. The reason

for the protection against salvage is that it might be difficult in the future for me to receive

financing from the vehicle in case I need a loan and the car might be collateral. The car would

have little value and not helpful in the future. The car would be difficult to insure because the

insurance would not have the exact amount to value the vehicle.

Another importance of confirmation on salvage is based on taking precaution on safety.

On many occasions, vintage vehicles are not used on the roads but are used as part of exhibitions

by the rich people in their houses. Finally, the clause is set to safeguard my money in terms of

resale value and warranty. The clause indicates that the seller would have to bear the cost of the

warranty if the salvage case is found to be in place.

Loan Agreement with Annie Lender

According to the draft, the information given indicates,

Annie Lender (“Lender”) hereby agrees to provide a loan in the amount of $XXXXX6 to YY7

(the “Borrower”). The loan shall be fully repaid within 12 months in equal monthly installments.

The interest rate for the loan is 6% per annum. Lender shall strictly enforce the terms of this

agreement. The draft does not meet the certain criterion of setting agreement for a loan from an

individual on a personal basis. The first problem with the draft is the lack of basic information

within the loan. For instance, the loan does not indicate the reason and the terms that the loan is

being given. This might not be liable if the reason to use the loan is not adhered to. For instance,

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the borrower might have requested the loan on false pretense, which might make it impossible

for the lender to repossess the loan or asset. At the same time, the information does not give

guarantees or guarantors for the specified loan, which might be problematic during the return.

The reason for guarantors is to ensure that the loan is paid failure would result in consequences.

The second problem with the draft is based on a lack of information on the return basis

and the consequences of defaulting. In this case, the draft fails to give the terms and condition for

the loan and the manner in which it would be recovered. The concept might be dangerous to the

borrower as the consequences might be severe in the case of default. The draft should have

touched on all the requirements of the terms of return and the consequences of failure. The draft

should also have alternative ways of payment in case the borrower fails to deliver within the

required time.

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Page count

550 words

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