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Failure to follow the terms of a contract might result in a material breach. If there is a material breach of contract, the seller of the animal might seek to rescind or revoke the contract. There could also be questions of notice of breach and opportunity to cure.
In the event that the Buyer desires to sell, give away or otherwise dispose of the dog, the Buyer grants unto the Seller the first right of refusal. Seller agrees to answer the Buyer within two weeks with a written response indicating the Seller's decision to reacquire the dog.
In the breeds I am familiar with, the owner of the stud gets either cash equivalent to the price of one show quality puppy or gets the pick of one puppy from the litter (decided at the time of breeding).
Having a well written contract that both parties enter into in 'good faith' is legally binding. It is important to discuss each paragraph of the contract and make necessary adjustments prior to signing it.
The puppy is guaranteed for the first one full year of life to be free of any life-threatening genetic defects. This is limited to genetic issues that are beyond the control of the buyer or the breeder such as heart, liver, kidney, or other major organ system issues.