Whatever changes occur need to be put in writing and initialed by both parties. Any oral commitments by the salesperson should also be included in the written contract. Leases and warranties are two common types of contracts. A lease may be a real estate lease for an apartment or an agreement for the use of office equipment or a car. Businesses often lease equipment or vehicles to have the right to use the equipment without having to buy it outright.
Warranties are obligations by the seller concerning the goods or services provided.
Federal law outlines what must be included in written warranties. The consumer may read the warranty before purchasing a product. The warranty must include such information as the name and address of the company making the warranty, the product or parts covered, whether it promises replacement, repair or refund and if the buyer must pay any expenses. The length of the warranty, damages that are not covered, and instructions if a problem with the product arises are among the other information requirements for written warranties. A full warranty promises the company will repair or replace the product for free during the warranty period.