One of the consistent tropes in magical contracts throughout mythology and most fiction, is that the parties in a magical contract must satisfy the conditions. They cannot "cheat." What they often can do is interpret the contract in creative ways. For instance, make a contract for eternal life. But the one who wants to live together forgets to ask for eternal youth as well, so they continue to age, but never die.
The villain in these contacts, Satan, Ursula, whomever, is invested in writing the terms so they will always win while strictly fulfilling the terms.
And you are correct; the terms don't have to be fair and the evil villain is going to make sure they are not; for the other party.
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