Appellate Practice Attorney serving New York, NY
Contracts are interpreted to reflect the intent of the parties. In written contracts, this intent is established according to the words written on the page, but if the writing is ambiguous (from what you've writen it seems to be ambiguous here), a Court will determine how the contract should be interpreted based on each party's testimony and other evidence provided by the parties. For example, if you paid $10,000, and an expert testifies that the horse was worth between $8000 and $12,000, this will tend to show the Court that the parties intended that the entire horse be sold to you, because who would pay $10,000 for half of a horse worth only $10,000.
There are also some general rules to guide construction. For example, one rule is that if there is an ambiguity, the words should be interpreted against the person who drafted the agreement. Another such rule is that, where written words conflict with printed words, the written words control.
It is also possible (but rare) that a Court could find that the parties never reached a "meeting of the minds" because they each thought their agreement meant different things, and therefore rescind the contract, meaning that the seller would have to pay you back what you paid (probably with interest), and would retain full ownership of the horse.
Answered on Sep 30th, 2013 at 1:01 PM