Getting a contract for a book is exciting, but you need to think about some things other than signing your name as fast as you can. This is not legal advice, talk to your lawyer for that. This is just things to think about before you sign.
How long is the contract? You may not be happy with the length in the long run. Two years is a long time when the publisher isn't doing promotion on your book. Seven years is an eternity. You could get an undergraduate and graduate degree in that amount of time.
Once you figure out how long your contract is, investigate what the terms are for ending your contract. When you figure that out, put an entry on your calendar a few weeks before the time to terminate so you don't miss it. And if the publisher changes the publication date on you, guess what, they've changed the termination date too. I missed one because of that.
Who has the rights to do the Audiobook? Once you sign away your right to do audiobooks, guess what? You have no real say in who gets hired to record your book. That means they could choose someone totally wrong. If you have no desire to produce your own audio book then ignore those rights, but if you might want to do audio then don't let the publisher have those rights. You might be asking how much doing an audiobook costs. For a 50,000 word book it will be around $1250 to $1700 depending on the price per hour the narrator is charging. So keep that in mind too.
Most publishers are not going to advertise your book. You need to be realistic about how many copies are going to sell without any advertisement. If you have one book out, it probably isn't going to break sales records. Your book might be the next big thing, but it could be a flop. Understand the limitations of the publisher you are going with and the reason why you think you need a publisher.
Here are a couple of articles that touch on other information.