Timber Sale Contract--Section 6

Group Members: Karla Velazquez de Leon, Brittany Sheppard, Sean Aguilar, Taylor Shramo, George Peniche, Justin Ditolla, Sean Aguilar, Dean Jackson, Loka Kanongataa, Ryan Connelly

• UCC: This is a UCC contract because it has to do with the selling of goods. Also the UCC says that the sale of timber is a UCC issue.
• Bilateral: This contract is bilateral because it involves a promise for a promise. The seller agrees to sell the timber and the purchaser agrees to buy for the sum of “___ dollars.”
• Executory: The contract is executory because it has not been signed and the act has not yet been completed. The timber has not actually been sold yet. It will be executed once it has been signed
• Illusory: This contract is not illusory because there is consideration.
• Statute of Frauds: This statute does not apply because this is a written contract which will be signed. The statute of Frauds requires certain contracts to be written but this one is already written so the statute does not apply.
• Modification: The contract states that for a modification to occur it must be written, dated, signed, witnessed, and attached to the contract. UCC says that modifying a contract doesn’t need consideration to be binding and the rules for modification are stated in the contract.
• Formal: This is a formal contract because it has a special form and manner. There are formalities, which are taken to complete it, it is written and signed.
• Damages: Damages are stated in sections e and f. The Purchaser will repair what the Purchaser damages. The Purchaser bears the responsibility of any damages
• Valid: The contract is valid because the activities are not illegal and it has consideration, acceptance, and contractual capacity.
• Consideration: There is consideration because there is a bargain for exchange. The seller agrees to sell the timber and the buyer agrees to buy it. The promisor can benefit because he will get money and the promisee has a detriment in that is will lose the money in paying it to the promisor.
• Exculpatory Clause: There is an exculpatory clause for the Seller in section f where it says that the liability is on the Purchaser.
• Material Terms: Once payment is specified and filled out then material terms will have been specified. This is because material terms include price, subject matter, quantity etc.
• Alternative Dispute Resolution: Arbitration: This can be found in section C under Miscellaneous which says that in the case of a dispute the final decision will be decided by a reputable person that is mutually agreed upon by both parties.
• Title: The title can be found in section d of the Seller because it is saying that the Seller is a lawful owner of the timber.