The Importance of a Formal Agreement

5. How does Abraham’s experience in buying land demonstrate the value of a formal agreement?

⁵ To help prevent misunderstandings in business dealings, consider the way Abraham bought a piece of land. He “weighed out to Ephron the amount of silver that he had spoken in the hearing of the sons of Heth, four hundred silver shekels current with the merchants. Thus the field of Ephron that was in Machpelah . . . became confirmed to Abraham as his purchased property before the eyes of the sons of Heth among all those entering the gate of his city.” This was no private gentleman’s agreement. It was a formal agreement, confirmed in front of witnesses. There was no misunderstanding about what had been purchased and the exact price.​—Genesis 23:2-4, 14-18.

6. How can Christians formalize important business transactions?

⁶ Similarly, it is wise for Christians to formalize important transactions. If the transaction involves the sale of an item, the parties may write down what is sold, the price, the method of payment, when and how delivery is to be made, and other conditions agreed upon. If it involves a service that is to be performed, the parties may write down the work to be done, when it is to be completed, the price, and other factors. This document should be dated and signed, and a copy should be kept by both parties. Such a written agreement is especially vital in a business partnership. It helps both sides to understand their relationship clearly and assists them to live in harmony with Jesus’ counsel: “Let your word Yes mean Yes, Your No, No.” (Matthew 5:37) In more complicated matters, it may be advisable to seek professional help in drawing up a written agreement.

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Abraham confirmed a purchase of land by a formal agreement with Ephron