This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Middlesex Massachusetts Contract to Train, Board and Show Horse with Option to Purchase
Category:
State:
Multi-State
County:
Middlesex
Control #:
US-01595BG
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Contract To Train, Board And Show Horse With Option To Purchase?
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FAQ
Lease-to-Buy Equine Contract To purchase the horse, the buyer will pay the full purchase price during the lease term. During this time, the buyer will continue making lease payments per the parties' agreement, which will potentially go toward the total purchase price of the horse.
Buyback Contracts. Allows a retailer to return unsold inventory up to a. specified amount at an agreed upon price. Increases the optimal order quantity for the retailer, resulting in higher product availability and higher profits.
Ownership of a horse may be established in a Bill of Sale, a written agreement between the seller and buyer (or agents such as trainers or bloodstock agents) or by contract construction. Many states now require the use of a written Bill of Sale in connection with most horse sales.
Many people in the horse industry believe that the person named on a horse's registration papers is the horse's true, legal owner. However, courts in a few states that examined the issue have, in fact, reaffirmed that the name appearing on the horse's breed registration papers may not necessarily be the horse's owner.
Check with the seller to ensure they have a transfer report putting the horse into their name. If you're not buying a horse from the owner on record, check with your sellers to ensure they have a transfer report putting the horse into their name before you complete your purchase.
First, you should know that if you are buying or selling a horse in the state of California, you will need to have a written bill of sale that is signed by the buyer, seller, and/or agents. In addition to the signatures, the written bill of sale should have the terms of the sale and the agreed-upon price.
Under the Sale of Goods Act 1979, the buyer of a horse from a dealer may be able to return the horse to the dealer and claim a refund of the purchase price, if the horse was not of satisfactory quality, taking into account its age and fitness for the purposes for which it was sold.
In some states like California, Florida, and Kentucky, a bill of sale is legally required whenever a horse is sold, purchased, or transferred. You can also use a completed horse bill of sale to protect yourself, whether you're the buyer or the seller.
What is a Right of First Refusal? Equine-related contracts sometimes include a right of first refusal clause that restricts how a horse can be re-sold. Through these clauses, a horse buyer agrees to give the seller an opportunity to buy back the horse later under certain specified conditions.
All of these will of course need to tie in with the horse's age, breed, fitness, soundness and the purpose for which you are buying the horse. Under the Act, you have the right to reject the horse and be entitled to a full refund within 30 days of purchase.