Timber Sales Contract

Group Members:
Elizabeth Naylor
Devon Seal
Sharlynne Solomon
Cameron Ward
Morgan Payne
Mike Walker

UCC: because it is a good
Bilateral: it is a promise for a promise
Executory: contract is not yet fully performed
Illusory: not illusory because it is enforceable
Statue of frauds: larger than $500 and written miscellaneous
Modification: allows for modifications
Formal: it is signed under seal
Damages: covered by purchaser
Valid: offer + acceptance + consideration = contract
Consideration: yes because promisor benefits
Exculpatory clause: yes because it limits liability
Material terms: cannot cut trees below 4 1/2 feet, pay in one lump sum at time of execution
Alternative Dispute Resolution: Arbitration - yes, miscellaneous C allows for a 3rd party to make a determination
Title: good title because seller owns the goods free and clear