Timber Sale Contract- Section 6

Team Members: Soren Croxall, Ed Hickey, Jerry Wang, Matt Orth, Peter Heine, Marisol Edway, Elizabeth Carter, Aman Saini.

Issues:

UCC: UCC applies to the sale of timber.

Bilateral: This contract is bilateral because it involves a promise for a promise.

Executory: This contract is executory because not all the terms outlined in the contract have been completed.

Illusory: The contract is not illusory because it is clearly outlining that the purchaser is going to buy timber. There is consideration.

Statute of Frauds: This contract is in writing. If the contract were oral and over $500, then it would need to be put into writing.

Modification: Contract contains a provision saying all modifications made to original contract must be in writing, signed, witnessed and attached to original contract.

Formal: This contract is formal because it has a special form and was created in a specific manner. The contract must be written, signed, and witnessed.

Damages: It is the responsibility of the purchaser to provide general insurance and workers compensation. Purchaser also will not hold seller liable.

Valid: Contract is valid. It has consideration, acceptance, and contractual capacity.

Consideration: There is consideration in this contract because there is a bargain for exchange.

Exculpatory Clause: Liability is placed on the purchaser. Seller is not liable under this contract.

Material Terms: Material terms of the contract are outlined in the payments section of the contract.

Alternative Dispute Resolution: Arbitration: Parties agree on an arbitrator to settle disputes. Otherwise, disputes will be settled by a group of three people, two of which are chosen by the parties, and the last member is chosen by the two arbitrators already picked out by the seller and purchaser.

Title: Seller section B-D: B & C deal with transferring title, while section D deals with confirming that the seller has the right to transfer the title.