Why Use a Contract When Buying or Selling Horses

Why should I use a contract when I have been buying and selling horses for years on a handshake?

There are several reasons you should reduce the contract to writing. First, under the Statute of Frauds, if you are selling goods for $500 or more, the parties must have a written contract for the sale to be enforceable. But often the real reason that it is important to reduce a verbal contract to writing becomes apparent if the agreement does not go well. Under those circumstances, it will be important to have a written document that evidences the exact terms of the sale. It is equally important that this contract be well written and address all of the matters that are important to the parties.