Selling vehicle that I, have not registered in my name and there will be 2 payments of $500 each, one on 1-4-13 and the other 1-11-13
A bill of sale is proof of an underlying contract, but is not a contract itself (necessarily) unless designed to act as both. What you described would be the terms of the contract.
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First of all, it is virtually impossible, in this four, to tell you if a document is sufficient, given that we don't have it to review. That being said, if the vehicle isn't registered in your name, is the title in your name? Do you have the right to sell the vehicle?
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I don't think any attorney will ever tell any client the contract covers all the bases and there are no holes; there is not enough information in your question. Whose name is the car in? Did you steal it? Is there insurance on it? Was it in an accident? Did you tell buyer any "facts" about the car you don't actually have first hand knowledge. Do you have proof you own the car? As you can see from my questions the "contract" is not only way you can "find yourself in a hole"--so without knowing how you obtained the car and what you represented to the buyer, I would say there can be lots of holes, but easily plugged knowing all the information.
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