Various transactions are made by people almost every day. This can be both small household and more serious transactions, due to agreements between the seller and the buyer. And if the purchase and sale of a small item does not require documenting such a transaction, then the purchase of, say, a real estate property needs legal confirmation of the fact of acquisition in the form of a certain document.
Transaction Documentation
When the parties make a transaction in respect of real estate (apartment, land) or movable (car) property, the parties must conclude a written document, where all conditions will be agreed, including the term of the contract. The legal execution of the contract in relation to these objects is provided for by law, and in some cases it is strictly necessary to comply with the written or notarized form of the document. The papers in this case are confirmation that all the requirements of the law are complied with, and the buyer becomes the copyright holder of the object, in respect of which the parties entered into legal relations.
Temporary nuances of real estate registration
The time period in which the transaction has its legal force plays a special role for the parties. If the object under the contract is an immovable (apartment, land), then the purchase and sale of these objects is carried out without indicating a time period. That is, from the moment the object is transferred, the new owner can dispose of the property as much as desired. The owner can sell or donate the purchased apartment in a month or in a year, or he can live in it all his life. Thus, a certain period of time for the transaction of sale of real estate does not exist, and, accordingly, it is unlimited. However, the same rules apply to movable property. For example, this also includes the duration of the car purchase and sale agreement. However, the terms of the contract itself may stipulate other time frames, on the basis of which certain legally relevant facts are taken into account: extract from the housing of the former owners, time to vacate the premises, etc.
Installment Terms
The buyer does not always have the necessary funds to buy a particular object. As a rule, this applies to the acquisition of expensive property, movable or immovable property. A smart decision is to pay by installments. You can issue it by concluding a transaction indicating in the document the conditions for installment payments. Since the money will be paid in stages, and the seller must be insured for his part, the documents are certified by a notary. The terms of the agreement necessarily stipulate the duration of the contract, namely, the period of making current payments and final payment for the acquisition. If either party violates this obligation, the resulting legal relationship may be terminated.
Consumer Non-Food Purchase
The acquisition of goods is the most common transaction among individuals and legal entities. When purchasing a product of a non-food group in a store, the consumer enters into an actual contractual relationship with the seller, while a written document is not concluded with him. Confirmation of the fact of purchase can be a check for goods or a warranty card.The time period for which the contract applies is determined in accordance with the ЗОЗПП - within fourteen days from the date of purchase, the goods can be exchanged for another or returned a defective item. Repair and warranty service of the goods is carried out on the basis of the warranty card in the period approved by the manufacturer. The warranty period begins to expire upon the transfer of the purchased item to the buyer.
Conclusion of an agreement regarding purchased goods
Individual buyers in rare cases enter into a written agreement with sellers. At the same time, legal entities resort to this form of transaction quite often in order to clearly regulate all the agreements and conditions. In addition, by cooperating on properly executed papers, enterprises protect their rights and interests, including when the contract expires, and certain actions must be taken. Written paperwork in relation to acquired goods is relevant when the company systematically purchases any products, goods or equipment. In such cases, the agreement can be concluded for a certain period, which is negotiated by the parties. The contract expires from the moment of signing the securities between the seller and the buyer, unless otherwise provided by the parties or by law.
Differences in the validity period of different types of legal transactions
The duration of the contract of sale compared with other types of agreements is somewhat different. For some types of transactions, a certain period of time (5 years) or, on the contrary, an unlimited period can be set. Most often, it is how the unlimited term of the employment contract is determined. That is, it is often concluded as perpetual.
The duration of the fixed-term contract is associated with the performance of work for a specific period or season, the performance of a certain amount of work. Lease is also for a certain period (year, 5 years, etc.).
Termination of agreement after a certain period of time
Termination of legal relations under a transaction may occur as a result of various events. So, if the validity of the contract of sale has come to an end, it loses legal force. From this point on, all contractual relationships are terminated. In essence, the establishment of a period of time as a legal fact represents the period of existence of civil legal relations. Nevertheless, the agreement may stipulate the fact when the legal relationship continues until the parties fulfill all obligations. The validity of the contract of sale can be reduced if the parties have properly fulfilled their obligations stipulated by the transaction.
Saving contractual relationships
It is important to describe in the text of the document such a condition as prolongation, in other words, extension of the contract. All previous conditions are retained for the parties for the same period of time if neither the seller nor the buyer have expressed a desire to terminate or terminate all legal relations that arose earlier. In this case, an agreement is signed to extend the contract. This document plays a big role if the agreed period expires, and the parties agree that the relationship should be extended. This document will be an annex to the original contract and in itself does not have a separate legal force. The application is signed by the seller and the buyer and is certified (if any) with seals. For different types of transactions, the expiration of the contract will have certain consequences.
Violation of terms and conditions of the transaction
Often there are cases when one of the parties improperly fulfills the conditions of the signed application, including violating the established time frame.Unfair fulfillment or non-fulfillment of obligations leads to a violation of the rights and interests of another counterparty. It must be understood that the expiration of the contract does not mean that the parties may not fulfill the obligations assigned to them. It is possible to eliminate such misunderstandings through negotiations. But if the counterparty does not want to resolve the dispute in this way, the other side can go to court, which will make the final decision. Thus, the concept and idea of what the term of the contract is and how important it is in the contractual relationship, it is very important for the parties to have any transactions.
