• If you always stop to read the fine print before signing anything, congratulations - your parents trained you well. If you don't, beware: Your signature could commit you to a long-term gym membership you don't really want, an apartment you can't afford or worst of all, paying off someone else's loan you cosigned.
• Broadly defined, contracts are mutually binding agreements between two or more parties to do - or not do - something. It could be as simple as buying coffee (you pay $3 and the restaurant agrees to serve you a drinkable beverage), or as complex as signing a 30-year mortgage.
• Once a contract is in force it generally cannot be altered unless all parties agree.

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