Timber Sale Contract

Timber Sale Contract

Group Members: Yesenia Barberena, Star Hughes, Adam Campbell, Kevin Fanelli, Connor Witt, Kevin Darcy, Michael Byrne, John McSorley

This contract is classified under the Uniform Commercial Code because it involves the sale of timber that is cut by the buyer.

This contract is bilateral because it is a "mutuality of obligation," an exchange of a promise for a promise.

The contract is executory because the terms of the contract have not yet been fully performed.

This contract is not illusory because the agreement does not involve a performance that is either optional or indefinite. Because the contract is binding, it is not classified as illusory.

This contract falls under the Statue of Frauds because it involves the sale of goods worth more than $500. The contract is already in writing.

Under the Uniform Commercial Code, modifications of a contract do not require new consideration. However, under this specific contract it is required that modifications be "reduced to writing, dated, signed, and witnessed."

This contract is formal because it requires witnesses to be present to sign the contract, which is a notary.

Under this contract, the purchaser acquires "any liability for damage, destruction, or restoration of private or public improvements occasioned by or in the exercise of this contract shall be the sole responsibility of the Purchaser."

This is a valid contract because the offer, acceptance and consideration are present.

There is consideration because there is both a benefit to the seller and a detriment to the promisor. None of the six exceptions apply.

There is an exculpatory clause under Section Purchaser, subsection (f). This states that all liability for damage, destruction, or restoration is the responsibility of the Purchaser.

The material terms included in the contract are the payment terms, details about the sale of timber, number of acres, and the parties involved in the contract.

As stated by the contract, if there is a dispute regarding the contract, the final decision "shall rest with a reputable person mutually agreed upon by parties to this contract" for the purpose of arbitration. If further arbitration is necessary, the final decision will be determined by a board of three approved individuals.

The contract is made in good title because the seller is the lawful owner of the timber.