Timber Sale Contract

Group Members:
Alexis Domnguez
Christopher Kadera
Philippe Gagnon
Hayden Healy

Issues with the Timber Sale Contract:
UCC Contract- Even though this transaction deals with land, (in that it is clearing timber off of the purchaser's land), it does not involve the selling of the land itself. It does involve the selling of a tangible goods.

Bilateral Contract- There is an predetermined agreement of action on both parties to be fullfilled (services yielded from the seller, and money paid from the buyer) therefore it is a bilateral contract.

Executory Contract- This is not an immediate transaction in which the seller and the buyer both have services already rendered and only need payment. This is a contract in which services are to be rendered in the future, thus this is an executory contract.

Illusory- This contract is not illusory because there is consideration. For this particular contract, it does not apply because it is dealing with land and is already in writing. Statute of Frauds: This statute is waiting to be signed and after the signing takes place, the statute of fraud will no longer be relevant.

Modification: For this contract, all modifications must must be written, dated, signed, witnessed, and attached to the contract. According to the UCC modifying a contract does not need consideration to be binding. For this contract, the specifications are stated with in.

Arbitration: This section can be found in miscellaneous section C which means that in case of an argument over the terms of the contract, the final decison will be made by a third party that both the parites in this contract agree on.

Tittle: In section D, the tittle can be found of the seller because it is saying that the seller is the owner of the timber.

Formal/ Informal- a formal contract because of negotiable instruments and signed by a party that makes an unconditional promise to pay a specific sum of money on demand or at a certain time to the holder of the instrument.

Damages- as listed in the Purchase part in the document(part f) , and any damages are the sole responsibility of the purchaser

Void/Voidable/Valid/Unenforceable-The contract is valid because there is an offer, acceptance and consideration are completed when it is signed.

Consideration -There is proper consideration because the benefit to the promisor is the timer acquired from the land and the detriment to the promisee is the loss of the timber on his land.

Exculpatory Clause - There is an exculpatory clause which saves harmless the seller from any liability for personal injuries, death, and/or property damage

Material Terms - the material terms are outlined in the payments section of the contract and are left blank to be filled by the promisee. These terms include dollar amount, quantity, the amount of acres, and the location.