This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
This contract entered into this---------day of---------', 19-, by and between
A. 'B., of the City of---------, State of---------, party of the first part, and C. D., of the City of ---------, State of ---------, party of the second part, Witnesses:
That whereas, on or about the--------- day of ---------, X. Y., of the City of
---------, State of ---------, died, leaving the said A. B. and C. D. his sole heirs; and whereas, said X. Y. left a last will and testament by the terms of which he devised the greater part of his estate to the said A. B.; and whereas, questions have arisen concerning the capacity of the testator and the validity of the execution of said will; and whereas, the parties are anxious to avoid litigation;
Now, therefore, the said A. B. and the said C. D. agree that, within--------days from the date of this contract the said A. B. shall convey to the said C. D., his heirs and assigns forever, by a good and sufficient warranty deed, the following described property --------- [insert description of property to be conveyed]; and that in consideration thereof and in case such conveyance is made as aforesaid, the said C. D. hereby covenants that he will not resist the probate of said will and that he will not appeal from said probate, nor will he institute any proceedings to cause said will to be set aside.
The costs of the administration of the estate of X. Y., and the inheritance taxes due therefrom, shall be paid as follows: --------- [insert provision showing the proportion of each to be paid by each of the parties to the contract].
In witness whereof, etc.
The possibility of the failure of title of specific property which is to be transferred in compromise of a dispute as to the rights of the heirs and devisees, should be taken into consideration; and unless the grantee intends to assume all risk as to such failure of title, provision should be made either for the execution of a warranty deed, in case the risk is to be assumed by the grantor, or for an adjustment of their respective rights in the residue of the estate in case such title fails.
For the validity of a contract not to contest a will, see Sec. 949.
For the validity of a contract to set a will aside, see Sec. 950.
See references under Sec. 3848.