Once a contract has been accepted and signed by all parties, it is important for both the buyer and the seller to understand their obligations and rights under the agreement. In this article, we will discuss the key points that a buyer should know after signing a contract on Quizlet.

1. Payment Obligations

After signing the contract, the buyer is obligated to pay the agreed-upon price on time. This includes any deposit, installment payments, or final payment as outlined in the contract. Failure to make the payment could lead to legal action from the seller or even the termination of the contract.

2. Delivery and Acceptance

The buyer should also be aware of the delivery and acceptance terms outlined in the contract. This refers to when and how the product or service will be delivered and how they will confirm acceptance. The buyer must ensure that they follow the agreed-upon delivery terms and confirm acceptance as outlined in the contract.

3. Warranty and Liability

The contract should include information on the warranty and liability of the product or service. The buyer should read this section carefully to understand any limitations or exclusions of liability. If there are any issues with the product or service, the buyer should follow the procedures outlined in the contract to ensure they are covered by the warranty.

4. Termination and Breach

The contract should also include information on termination and breach. This section will outline the circumstances under which the contract can be terminated and the consequences of the breach of the contract by either party. The buyer should be aware of their obligations in these situations to avoid any legal action.

5. Dispute Resolution

Finally, the contract should include information on how disputes will be resolved. This may include mediation, arbitration, or litigation. The buyer should be aware of these procedures and their rights in case of a dispute.

In conclusion, after a contract has been accepted and signed by all parties, the buyer should be aware of their obligations, rights, and procedures outlined in the agreement. It is important to read and understand the contract thoroughly to avoid any legal issues or disputes. By following the guidelines outlined in the contract, the buyer can ensure a smooth and successful transaction.