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January 16, 2012
The Fine Print on Contracts

Before you sign on the dotted line, it's important to anticipate things that could go wrong. Here are a few tips detailing what you should watch for.

Transcript

Keep this in mind: Once a contract is signed, it usually can't be broken unless all parties agree. So before you sign on the dotted line, try to anticipate things that could go wrong. For example:

* You sign a lease but later decide you can't afford the rent.

* You cosign a loan and the other person stops making payments. You're responsible for the full amount; otherwise your credit will suffer.

* You buy a car you can't afford, but when you try to sell it, the car is worth less than your outstanding loan balance.

* You buy a cell phone plan, but after the grace period ends, you discover the reception is spotty.

Bottom line: Contracts protect both parties. Just make sure you understand all details before signing.

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