Group Members

• David Aiello
• Alvaro Figueroa
• Maria Guzman
• Lexan Jaravata
• Mark Lopez
• Matt Rocco

TIMBER SALE CONTRACT

UCC: The contract falls under the UCC because Article 2 of the UCC governs and focuses on contracts for the sale of goods. The transaction in the contract involves a sale of a good, in this case timber.

Bilateral/Unilateral: The contract is bilateral because "a promise for a promise" exists. The seller and is promising to sell the other party timber, and the purchaser is promising the other party a payment for the timber.

Executed/Executory: The contract is executory because the timber has not been cut, the transaction has yet to take place, and the payment has not been made.

Illusory: The contract is not Illusory because there is a commitment to cut the timber and sell it to the purchaser.

Statute of Frauds: There is no statute of frauds because the contract is a written contract and not an oral contract.

Modifications: Modifications may be made to the contract; however, all modifications to the contract will be made in writing, dated, signed, witnessed, and will be attached to the contract.

Formal/Informal: The contract is formal because it is created specifically for the sale of timber.

Damages: The contract can either involve compensatory damages or the kind of damages that requires the breaching party to perform their part of the contract.

Void/Voidable/Valid/Unenforcable: The contract is valid because there is an offer, acceptance and consideration.

Material Terms: In the contract, there are material terms regarding the height of the timber.

Exculpatory Clause: In the contract, there are exculpatory clause that states that the purchaser must agree to protect, indemnify, and save harmless the from any and all liability for personal injuries, death, and/or property damage suffered or incurred by any person in connection with the purchaser's performance of the contract.

Arbitration: In the contract, there is arbitration that states that in case of dispute over the terms of the contract, final decision shall rest with a reputable person mutually agreed upon by the parties of the contract, and in the case of further disagreement, final decision will rest with an approved board of three persons.

Title: The contract involves good title because the seller owns the property/timber, and good title is title that is acquired from someone who already owns the goods free and clear.