Even in the case of a planned purchase of a property, you may encounter a Contract for Future Contract, which means that at least one party undertakes to enter into a future contract and must do so upon notice within an agreed period of time, otherwise within 1 year.
What is a forward contract
What is hidden under this term? It is a civil contract by which the parties agree that, if the conditions are met, a proper contract will be concluded in the future.
It should be concluded within 1 year at the latest, but the other party must conclude it without undue delay after the request of the entitled party. There are two types, namely:
- Future Purchase Agreement,
- Future employment contract
What is a contract of sale for?
You must be wondering what a contract of sale is for. The answer is simple, it binds both the buyer and the seller to enter into a contract of sale. It usually includes either the purchase agreement itself or its outline form and the obligations that must be fulfilled by the time it is signed. It also needs to specify which party is the beneficiary and which is the obligated party. According to the new Civil Code, a contract of sale does not have to be in writing, it is up to the decision of both parties whether they prefer a written or oral agreement.