Advice from Raoul Felder, celebrity attorney, New York City

Before you begin, have in front of you a piece of paper listing the key elements to watch for: who the parties are, the duration of the contract, anything relating to payments, and how to prematurely end it. Read everything — including the small print — and highlight things that are unclear to you. Many states have passed a “plain English act,” which means contracts have to be in language laymen can understand, but lawyers still often rely on archaic language and protect themselves with double-talk. Look very carefully at anything to do with money and dates — like whether a contract becomes void if a delivery date isn’t met. Key terms to watch out for: “nonrefundable” (it means what it says), “default” (are you given time to rectify it?), and “automatic renewal.” When you see phrases like “time is of the essence” and “reasonable man standard” — which have an entire body of law defining them — that’s your cue to call a lawyer.