Contract Questions and Answers

This is not a substitute for legal advice. An attorney must be consulted.

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What is a standard contract?

A contract may and should be written for the specific interests, needs, requirements and agreements between the contracting parties. However, often standardized forms of contracts are developed for repeated and common usage when specific purposes are intended. For example, the state bar association may develop and disseminate for use standardized contracts for real estate transactions, farm lease agreements, rental agreements, and certain security agreements to name a few. Banks and banking associations have developed standardized contract forms for security agreements, notes and mortgages. Regulatory agencies and real estate firms have developed forms for the purchase and sale of property, along with certain escrow contract form sheets. Medical societies, hospitals and doctors� offices have developed certain consent forms, waiver forms, and contracts for admission and payment purposes. Retailers have developed forms for credit purchases, repayment plans and lay-away programs. Contractors often use standardized contracts for home purchases, change orders and lien waivers. Insurance companies have developed many uniform contracts that relate to the purchase of liability insurance, health insurance, life insurance, etc. Such contracts are often called adhesion contracts.

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