Timber Sale Contract Section 5

Laura Pope

Emily McMahon

Lauren Millslagle

Maki Matsumoto

Amanda Berg

Kelly Kolaseike

Hanna Moxcey

Skyler Gary

Nicole Riley

Issues:

UCC- because a requirement contract is an agreement whereby the buyer agrees to purchase all his goods from one seller, and no quantity is stated in the contract. 

Bilateral- because the seller promises to agrees to dispose of the timber and the purchaser agrees cut and remove the timber. 

Executory- because the contract has not been completed. 

Illusory?- no, because there is consideration

Statue of Frauds- yes this applies, because UCC, severed trees are excluded from the real estate rule, but because the amount is greater than $500, the contract still needs to be in writing.

Modification- all modifications will be reduced  to writing, dated and signed and witnessed. 

Formal?- yes, because contract is in writing.

Damages- outlined in the insurance portion of the contract and in the purchaser section under part E and F

Valid because there is offer, acceptance, and consideration. 

Consideration- yes, because there is a benefit to the promisor (seller). 

Exculpatory Clause- in the contract, the drafter (seller) has limited liability outlined in the seller section of the contract. purchaser is liable for damages. 

Material Terms- price, subject matter, quantity, quality, and parties indicated in the contract.

ADR: Arbitration- outlined under miscellaneous specifically in part C. 

Title- the rights of the seller to sell timber.  the sale is the passing of title to purchaser. this is a good title because the seller has the rights to sell the timber.