Running head: CONTRACT 1
Sales Contract: Widgets, Inc. and Machines, Inc.
Brittney V. Bush
BUS 607 Business Law for the Accountant
Beverly Rudnick
August 27, 2018
This study source was downloaded by 100000831988016
...
Running head: CONTRACT 1
Sales Contract: Widgets, Inc. and Machines, Inc.
Brittney V. Bush
BUS 607 Business Law for the Accountant
Beverly Rudnick
August 27, 2018
This study source was downloaded by 100000831988016 from CourseHero.com on 04-29-2022 13:45:50 GMT -05:00
https://www.coursehero.com/file/33116528/BUS-607-Week-3-Assignmentdocx/
CONTRACT
2
Sales Contract: Widgets, Inc. and Machines, Inc.
Sales Agreement
THIS SALES AGREEMENT (the "Agreement") dated this 27th day of August, 2018
BETWEEN:
Widgets, Inc. of 1234 Main St., Detroit, MI 48127
(the 'Seller')
OF THE FIRST PART
- AND -
Machines, Inc. of 5678 Main Rd., Austin, TX 73301
(the 'Buyer')
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 Buyer on or before the 15th day of
September, 2018, the following goods (the 'Goods'):
2000 widgets priced at $100 per widget.
Purchase Price
2. The Buyer will accept the Goods and pay for the Goods with the sum of two hundred
twelve thousand ($212,000.00) USD (6% sales tax of $12,000 has been included in the
total purchase price), paid as follows: by bank draft as required in clause 4 of this
Agreement.
a. non-refundable deposit of $20,000.00 on September 1, 2018; and
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CONTRACT
3
b. the remainder of the purchase price by bank draft as required in clause 4 of this
Agreement.
3. The Seller and the Buyer both acknowledge the sufficiency of this consideration. In
addition to the purchase price specified in this Agreement, the amount of any present or
future sales, use, excise or similar tax applicable to the sale of the Goods will be paid by
the Buyer, or alternatively, the Buyer will provide the Seller with a tax exemption
certificate acceptable to the applicable taxing authorities.
4. Except as otherwise provided in this Agreement, the deposit is not refunded to the Buyer
if this transaction is not completed. Payment for the Goods will be made to the Seller
when the Buyer is notified that the Goods have been delivered by the Seller to a carrier
for shipment to the Buyer. The Buyer shall pay 75% of the remaining balance due for
the invoice upon delivery to the shipping company of The Seller's choice. The final
25% will be due once goods are delivered to The Buyer.
Delivery of Goods
5. The Goods will be deemed received by the Buyer when delivered to the Buyer at 5678
Main Rd., Austin, TX 73301. The method of shipment will be within the discretion of
The Seller. However, the Seller will only be responsible for the lesser of truck freight or
rail freight to the carrier and shipping destination.
Risk of Loss
6. Risk of loss will be on the Buyer
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