Brenda's Widgets Inc.: A Case Study

Good Essays
Sales Agreement
THIS SALES AGREEMENT (the "Agreement") dated this _____ day of March, 2006

BETWEEN:
Brenda’s Widgets, Inc. (BWI) of 123 Main St., Podunk, Iowa
(the 'Seller')
OF THE FIRST PART
- AND -
Jim Doe of 456 First St., Secondville, Michigan
(the 'Purchaser')
OF THE SECOND PART

IN CONSIDERATION OF THE COVENANTS and agreements contained in this Sales Agreement, the parties to this Agreement agree as follows:

Sale of Goods
1. The Seller will sell, transfer and deliver to the Purchaser, at his place of business, on or before June 1, 2007, the following goods (the 'Goods'):
10,000 widgets.

Purchase Price
2. The Purchaser will accept the Goods and pay for the Goods with the sum of fifty thousand ( $50,000.00 ) USD, paid as follows:
…show more content…
The Purchaser's exclusive remedy and the Seller's limit of liability for any and all losses or damages resulting from defective goods or from any other cause will be for the purchase price of the particular delivery with respect to which losses or damages are claimed, plus any transportation charges actually paid by the Purchaser.

Notices
10. Any notice to be given or document to be delivered to either the Seller or Purchaser pursuant to this Agreement will be sufficient if delivered personally or sent by prepaid registered mail to the address specified below. Any written notice or delivery of documents will have been given, made and received on the day of delivery if delivered personally, or on the third (3rd) consecutive business day next following the date of mailing if sent by prepaid registered mail:

SELLER: 123 Main St., Podunk, Iowa 30000
PURCHASER: 456 First St., Secondville, Michigan 40000
Arbitration
11. All claims and disputes arising under or relating to this Agreement are to be settled by binding arbitration in the state of Michigan. An award of arbitration may be confirmed in a court of competent jurisdiction.

12. The Substantive law of the arbitration shall be the law of
…show more content…
This Agreement cannot be modified in any way except in writing signed by all the parties to this Agreement.
15. This Agreement will be governed by and construed in accordance with the laws of the State of Michigan, including the Uniform Commercial Code and the Seller and the Purchaser hereby attorn to the jurisdiction of the Courts of the State of Michigan.
16. Except where otherwise stated in this Agreement, all terms employed in this Agreement will have the same definition as set forth in the Uniform Commercial Code in effect in the State of Michigan on the date of execution of this Agreement.
17. If any clause of this Agreement is held unconscionable by any court of competent jurisdiction, arbitration panel or other official finder of fact, the clause will be deleted from this Agreement and the balance of this Agreement will remain in full force and effect.
18. This Agreement will inure to the benefit of and be binding upon the Seller and the Purchaser and their respective successors and assigns.
19. Time is of the essence in this Agreement.
20. This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise. The Purchaser acknowledges that it has not relied upon any representations of the Seller as to prospective performance of the Goods, but has relied upon its own inspection and investigation of the subject

You May Also Find These Documents Helpful

  • Satisfactory Essays

    LP 5.1

    • 351 Words
    • 2 Pages

    UCC Article 2 Section 2-301 states the obligation of the seller is to transfer and deliver and the buyer is to accept and pay in accordance to the contract.…

    • 351 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    NOW, THEREFORE, in consideration of the mutual promises herein set forth and subject to the terms and conditions hereof, the parties agree as follows:…

    • 2516 Words
    • 7 Pages
    Powerful Essays
  • Better Essays

    valid. As the article, titled “Introduction to Sales Contracts” states, “When both parties to a…

    • 1107 Words
    • 5 Pages
    Better Essays
  • Best Essays

    Many individuals do not understand the full significance of the terms outlined in a contract until they find themselves at the receiving end of litigation. In addition, they do not recognize that a contract can be established with as little as a verbal agreement between parties which can, as with a written contract, become the basis to award damages in the event that one or more members default on the agreement. When individuals make purchases they form contracts with the entity whose business they patronize. Formation of a contract for sale need only entail an offer and acceptance between parties and is legally binding when agreement and consideration are ascertained. The purpose of this paper is to address legal considerations one should take into account when making oral purchases in the marketplace.…

    • 2642 Words
    • 11 Pages
    Best Essays
  • Satisfactory Essays

    IN CONSIDERATION OF the matters described above and of the mutual benefits and obligations set forth in this agreement, is agreed as follows:…

    • 713 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Clayton Antitrust Act

    • 567 Words
    • 3 Pages

    The sales were to be carried out on the condition that the buyer will not deal with or have any transaction with the competitors of the seller. Another condition was that the buyer can purchase another product, however that can be done only after the competition is lessened as a result of these acts.…

    • 567 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Addendum

    • 383 Words
    • 4 Pages

    The following terms and conditions are hereby incorporated in and made a part of the: X Residential Purchase Agreement,…

    • 383 Words
    • 4 Pages
    Satisfactory Essays
  • Better Essays

    The obligations of the parties, as assigned in the terms of the contract, are governed by the general law of contracts. The obligation of the seller is to furnish the goods, as agreed upon, the buyer to pay therefore. Thus, when the seller offers to turn the goods over to the buyer and when the buyer offers to pay for them, tender of performance occurs. The seller must make tender of delivery and the buyer must make tender of payment.…

    • 1805 Words
    • 8 Pages
    Better Essays
  • Satisfactory Essays

    This letter is not an official purchase agreement. All of the terms and conditions of the proposed transaction would be stated in the Purchase Agreement, to be negotiated, agreed and executed by both…

    • 249 Words
    • 1 Page
    Satisfactory Essays
  • Satisfactory Essays

    Businesslawweek5

    • 498 Words
    • 2 Pages

    1. Goods or any item that can be moved or sold. Article 2 relates to the sale of stated good based on a codification of commercial law that exists. Article 2 provides the contract terms where the seller supplies a contract for a sale of goods, but fails to specify in writing anything related to either price or delivery. What is discussed is how many and how much? As well as delivery time or payment due. The UCC solves most of the issues in which the buyer may experience throughout…

    • 498 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    NOW, THEREFORE, in consideration of the releases and mutual promises contained herein and other good and valuable consideration exchanged among the Parties, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:…

    • 448 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    Goods are sold under sale or return when they are “sent by the supplier to the customer” with an agreement that the customer is not required to pay until the goods are actually “used or sold by the customer.” If the goods are not yet sold or used by the customer, the customer can return the goods to the supplier. The…

    • 375 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Legal Pleading

    • 2374 Words
    • 10 Pages

    The purpose of this Agreement is to settle the parties' rights and obligations pertaining to:…

    • 2374 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    * Agreement made subject to the preparation of a formal contract of sale, which shall be acceptable to solicitors on the above terms and conditions.…

    • 1013 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Items Purchased: Seller agrees to offer to retailer for sale the following products (“Products”) in accordance with the terms and conditions of the non-exclusive agreement:…

    • 556 Words
    • 3 Pages
    Good Essays

Related Topics