A purchase contract is a legal agreement between a buyer and a seller that outlines the terms of a sale. This document specifies important details such as the price, payment method, and delivery date of the item or service being sold. It serves to protect both parties by clearly defining their rights and responsibilities. In many cases, purchase contracts are used in real estate transactions, where they detail the sale of properties. They can also apply to various goods and services, ensuring that both the buyer and seller understand the conditions of the sale, including any warranties or return policies.