Timber Sale Contract: Section 05

Megan Detrick

Alexandra Fagelson

Jennifer Seivers

Christina Erny

Mary Griffith

Susan Walker

Ray Soria

Jennifer Ix

Nick Kostielmey

Julian Strickland

· UCC- Sale of Goods

· Bilateral- because the seller agrees to sell and the purchaser agrees to buy for ‘x-amount’ of dollars.

· Executed- when contract is signed, the sale is made and completed. under payment- purchaser further agrees to pay to the seller the sum of x dollars in one lump-sum payment due at the time of executing this contract

· Not illusory because there is consideration

· Valid contract because there is offer, acceptance, and consideration

· Statute of Frauds- irrelevant because it is in writing ; because it has to do with land it must in writing.

· In order for a modification to happen, it must be written, dated, signed and witnessed, and attached to the contract. UCC does not require this, but because it is written in the contract, it must be followed.

· There is consideration: Seller is promisor, a promise to sell, and the benefit they get is the money they receive; detriment to purchaser is that they must pay money.

· Formal because it is written.

· Damages are the sole responsibility of the purchaser (‘Purchaser’ sections e and f)

· Good title- acquired from someone already owning the goods free and clear

· Exculpatory clause- ‘Purchaser’ section f- because it frees the seller from liability arising out of performance for that contract and puts it onto the purchaser

· Material terms- payment section (price, subject matter, quality, quantity) and introduction of the contract- material terms are not included and must be filled in

· Arbitration- miscellaneous section c

· Other: Promisory Estoppel does not exist in this contract

· Express Contract- all terms are clearly set forth in written words

· Conclusion of UCC- Predominant Purpose Test- primarily timber, not service of cutting it down