2. LEGAL DOCUMENTS
• A legal document is used to officially record an
agreement that is intended to be enforceable
in a court of law
• Terms associated with legal documents:
1. Party- each person or organization involved
2. Draft-a copy of the document sent to each
party for approval or amendment
3. Engrossment- final copy of document
4. Counterpart-a duplicate copy for signature
3. PREPARING LEGAL DOCUMENTS
•Paper size and layout- print on A4
or legal sized paper in portrait
orientation
•Paragraph formatting- left-aligned
or fully justified, double line spacing,
•Use of upper case- names of
people when they are first stated or
in an the attestation clause.
Terms that have specific or
4. PREPARING LEGAL DOCUMENTS
• Construction- do not use abbreviations
-type out numbers in full(dates and currency)
-proofread the documents to check for errors
• Corrections or changes- the document should
be checked and corrected before printing. If it is
already printed, draw a single neat line through
the text.
-The person signing should initial the changes.
Do not erase or use liquid paper
5. FOLDING LEGAL DOCUMENTS
• Legal documents are folded in either three or
four equal parts:
1. Trifold- place the sheet face up on table,
turn the bottom third up and crease flat and
turn the top third down and crease flat.
2. Quarter fold- place the sheet flat and turn
the bottom edge to meet the top edge and
crease flat. Then repeat again
7. WILLS & THE ENDORSEMENT
• An Endorsement is a brief statement of
the nature of the business document
and is printed on the outside of the
envelope into which the document is
placed
• Endorsements contain the following:
1. Date of signature
2. Name and description of document
3. Name of parties
4. Name and address of solicitor
8. SAMPLE ENDORSEMENT
01 April 2017
This sealed packet contains the Last Will and Testament of
Jerry Thomas
Of Mt.Pleasant, Argyle
Kingstown
Whereof
Tamara Thomas
Of Mt.Pleasant , Argyle
And
Williams & Sons law firm, solicitor of
Kingstown, St. Vincent
Are the appointed executors of this will
Upon my death.
9. WILLS
• This is a legal declaration that clearly states how a
person’s assets should be distributed after his or
her death.
TERMS USED IN WILLS:
1. Assets- property such as lands, buildings etc.
2. Estate- assets are collectively called estate
3. Testator(male)/ testatrix(female)- owner of
assets
4. Beneficiaries- people/ organization to receive
assets
5. Executor/executrix- responsible for carrying out
10. PREPARING WILLS
1. Layout- determined by the laws and customs
of the country in which it is to be executed
2. First paragraph- starts with the words ‘last
will and Testament’ followed by the name
and address of testator
3. The rest of the will is in numbered paragraph
4. First words of each paragraph should be in
BLOCK CAPITALS
11. PREPARING WILLS
5. All names are typed in full and in
block capitals
6. Connecting words such as
HEREBY, WHEREAS,
BETWEEN are capitalised and
are normally the first words of
each new statement
7. Money should be stated in words
followed by the figures in
12. PREPARING WILLS
8. The will must end with an attestation
clause (states the conditions under which
the document was signed and the names
and signature of the testator and
witnesses)
9. A closing parenthesis is used at the end of
each line of the attestation clause
13.
14. LEASES
• An agreement by which one person conveys
to another party the rights to possess and
use an asset for a specified period of time is
called a lease.
TERMS USED IN LEASES:
1. Lessor- owner of the asset
2. Lessee- person or organization receiving
permission to use the asset
3. Tenant- person or group paying rent to
occupy or use the property owned by
another
4. Security deposit- a sum of money paid in
advance to the lessor to cover any
damages to the property
15. PREPARING LEASES
• There is no specific way to prepare a lease but
leases would generally be prepared following
these guidelines:
1. A specific description of the asset
2. The duration, start date and end date of the
agreement
3. Required payments- rent, security deposit,
due dates and person responsible for
payments
4. Conditions for using assets and rights and
responsibilities of the lessor and lessee
16. PREPARING LEASES
5. Terms and conditions under which the lease
may be renewed
6. Two copies of the lease should be prepared
and signed by all parties
7. One copy is given to the lessor and the other
to the lessee
17. ITEMS IN A LEASE
• Parties-include names and addresses of
each person
• Property- description of the asset
• Term of lease
• Rent- amount and frequency of payment
• Security deposit
• Use of premises
• Termination
• Renewal
WITNESSES & DATE OF AGREEMENT
18. TYPES OF LEASE AGREEMENTS
• There are four (4) types:
1. 1-Year (Standard)-This is the most common. Lasts for a period
of 1-year and cannot be terminated by the landlord or tenant.
2. Month-to-Month Rental Agreement-Also referred to as a
“Tenancy at Will”, has no end date but can be cancelled at any
time by the landlord or tenant by giving the other party written
notice, usually 30 days, that they will be terminating the
agreement.
3. Roommate Agreement-This is a contract that binds the tenants
that are collectively renting from a landlord. Items such as
cleanup times, who pays for what room, and any other
agreements between the roommates can be created.
4. Sublease Agreement-This is when a tenant has a lease,
usually a 1-Year term, and they are forced to vacate the
premises while still being liable for the rent until the end of the
agreement period. They can, with the landlord’s permission,
rent the space to someone else in order to help pay for the
20. AGREEMENTS
OBJECTIVES
At the end of this lesson, Students would be able to :
• Define agreement
• Explain hire purchase
• Outline terms used in a hire purchase agreement
• Prepare a hire purchase agreement
21. AGREEMENTS
• An agreement is a document that states the rights
and duties of two or more parties
• A hire purchase agreement is made when a
buyer wishes to purchase a product but do not
have enough money to pay for it. The buyer
pays a specified amount of the cost over a
period of time
• The seller remains the owner of the product
until the cost plus the agreed interest is paid
off in full
• Ownership is transferred after the final
payment
22. ADVANTAGES TO SELLER
• Increases sales and thus profits
• It encourages impulse buying
• The seller has the right to repossess the goods if the
buyer defaults on payment
23. DISADVANTAGES TO THE
SELLER
• Capital is tied up in the form of debts
• Repossessed goods may not be fit for resale
• Increased clerical work load to administer hire
purchase sales
25. TERMS USED IN HIRE PURCHASE
AGREEMENTS
• Goods- products identified in the agreement
• Owner- person or organization selling the goods under
the agreement
• Hirer- customer who enters into the agreement with
the owner
• Hire purchase price- total amount payable over the
duration of the agreement
• Hire purchase instalment- portion of the purchase
price paid at specified interval. E.g. monthly, weekly
etc.
26. CONTENTS OF A HIRE PURCHASE
AGREEMENT
• The words Hire purchase
agreement are to be prominently
displayed
• Description of the goods
• Where goods are to be kept
• Date of hire purchase
commencement
• Cash price of goods- cost paid if it
had been a cash purchase
27. CONTENTS OF A HIRE PURCHASE
AGREEMENT
•Finance term
•Frequency of instalments
•Amount of each instalment
•Hire purchase price (total of
instalments plus fees)
•Costs and penalties liable if the hirer
cannot meet his/her obligations
30. CONTRACTS
• A Contract is a legally enforceable
document between two or more parties
• An employment contract usually contains
:
1. the names of both the employer and
the employee
2. starting date of employment
3. Job title and description
4. Address of the place of employment
31. ITEMS OF AGREEMENT IN A
CONTRACT
• Job requirements- equipment to be used, level of risk,
provision of safety equipment
• Remuneration- money paid for work done ( hourly rate
or salary, weekly or monthly)
• Hours worked each week
• Holiday and sickness entitlement
• Pension schemes and insurance
• Grievance arrangements
• Termination of contract notice
• Redundancy and disciplinary procedures
• Signatures of both the employer and employee
32. PREPARING CONTRACTS
• Title- ‘Employment contract or Employment
Agreement’ should be prominently displayed in bold
with initial capitals
• Each item in the agreement begin on a separate line
• If contract is prepared as a form, ensure to leave
sufficient space for information to be recorded
• Each item is usually typed in initial capitals and bolded
33. DID YOU KNOW?
• The terms of a contract may come
other sources such as:
1. The original job advertisement
2. An employee handbook
3. A legal requirement such as
minimum wage
4. A collective agreement negotiated by
a trade union
34.
35. CONVEYANCE DOCUMENTS
•This is also called a deed of
conveyance and is a legal
document that transfers
ownership of property from one
party to another
36. TERMS USED WITH
CONVEYANCE DOCUMENTS
• Grantor or vendor- recorded owner
of the property
• Grantee or purchaser- recipient of
the property
• Consideration- the price paid for
the property
37. GENERAL GUIDELINES
• Entire document must be in logical order
• Must not name grantee or grantor
• Clear description of property
