BUS 607 Week 3 Assignment Prepare a Sales Contract

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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 downloade... d 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 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 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 [Show More]

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