Business Law I - Contract Analysis: Sale Agreement Project

This assignment presents a sale agreement contract between a seller and a buyer for vintage tractor toys. The agreement outlines key details including party information, descriptions of goods, payment terms ($710 in cash), delivery date, and addresses. It further defines risk of loss, limitation of liability, dispute resolution (North Dakota courts), and force majeure clauses. The contract also includes clauses on the entire agreement, warranties, breach of contract, and miscellaneous provisions. The assignment briefly addresses the requirements for a valid written contract, the necessity of having the contract in writing, and a reflection on the negotiation process. The provided solution covers the essential elements of the contract, ensuring clarity and mutual understanding between the parties involved.

Running Head: BUSINESS AND CORPORATION LAW 0
Business Law
2/28/2020
Student’s Name

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Sale Agreement
This sale agreement (hereinafter referred as agreement) is developed between Mika Vandaveer
aged 29 years R/o 16925 64th St SE Walcott, ND 58077 (the seller) and Bob Celery aged 36
years R/o 1435 20th St S Fargo, ND 58103 (the buyer), as on 17th day of December 2019.
Whereas Seller is the owner of certain goods and desires to sell the same to the buyer.
Whereas the buyer desires the good offered by the seller as per the terms and conditions set forth
under this agreement.
Definition:-
The terms Goods refer to vintage tractor toys
The term Parties refer to seller and buyer collectively
Now Therefore the terms and conditions have been decided between the parties mutually and
mentioned below:-
 Payment and description of goods: - The total payable amount decided between parties is
$710. On the delivery of goods, the seller shall produce an invoice to the Buyer. Payment
shall only be accepted in cash and any other mode of payment such as cheque or demand
draft shall be considered as an invalid mode of payment. Further, the expected date to
receipt of payment is the 17th day of December 2019. This amount has been decided as

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consideration for 200 vintage truck toys. These shall be metal toy trucks designed as
Structo Vintage 1950.
 Delivery:- The delivery of goods shall be placed by the seller on or before the 17th day of
December 2019 at Buyer’s address. Seller shall be liable to pay the shipping costs.
 Risk of Loss: The ownership, as well as risk, shall be transferred to the buyer with the
delivery of goods.
 Limitation of liability:- At the time of making this agreement, the buyer has already
inspected all the goods in person and found no defect in the same. Seller shall have no
responsibility for any special, indirect, and punitive damage relating to this agreement.
Seller shall have no liability to replace or return the goods if any later defect would be
found by the buyer. In any possible case, the liability of the seller for any cause of action
shall not exceed the price paid by the buyer for the goods.
 Dispute clause:- Any prospective dispute arising between the parties out of this
agreement shall be entertained and resolved in the courts of North Dakota.
 Force Majeure clause: - Seller shall have no liability for any damages or claims resulting
from nonperformance or delay in performance due to causes, which are beyond the
reasonable control of Seller. Several incidents have been identified as force majeure that
includes flood, war, earthquake, explosion, lockouts, strikes, fire, and other acts of god.
 Entire Agreement: - This agreement carries all the understanding between parties and
supersedes all the previous dealing happened between them either oral or written in
relation to any of the terms of this contract.

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 Buyer acknowledges that seller has not made any warranty in respect to the condition of
goods. Further seller expressly disclaim all the implied and express type of warranty of
fitness or merchantability.
 Breach:- Parties are liable to act according to the terms mentioned under this contract and
if any of the party would fail to do the same then the same shall be treat as a breach of
contract.
 Penalties and damages: - Any damage or penalty for breach of contract shall be decided
by the court.
 Miscellaneous:- This agreement shall be binding on all the parties as well as to their
successors, heirs, and assigns. Each of the provisions of this contract is independent. If
any provision held to be unenforceable or invalid then it shall not influence performance
or compliance of any other provision. The headings are provided for references and shall
not affect the meaning of any provision.
The terms and agreement have decided after discussion with the buyer and therefore
transactions are not likely to cancel.
IN WITNESS WHEREOF, parties and their witnesses have agreed to the terms of this
agreement and signed the same as hereunder:-
Mika Vandaveer Bob Celery
(the seller) (the buyer)

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Seller’s representative Buyer’s representative
Signature Signature