An examination of the form shows that the contract falls into five general divisions.

1. Statement of parties.

2. Description of property.

3. Financial statement.

4. Closing date and place.

5. Miscellaneous provisions.

While it is not necessary to use the form set forth, nor any other particular form, the contract should contain at least the first three divisions. If no closing date and place is fixed, a reasonable time is presumed to be intended, sufficiently in the future to enable the seller and purchaser to prepare to complete the transaction. While the miscellaneous provisions are not absolutely vital, their absence from the contract may give rise to dispute and inconvenience. Experience shows the advisability of using a printed form, filling in the blanks.

The contract is usually prepared in duplicate so that each party may retain a copy. In opening the first words are

"Agreement, made and dated ........... 192. .." The word "Agreement" is not necessary. If the writing contain the necessary elements it is a contract whether so labelled or not. Nor is the date necesary. Without the date, it would be just as binding. Dating the instrument is convenient as a memorandum of the fact, however, and is usually done.