“Escrow Agreement” refers to the escrow agreement between the seller and the buyer. … THIS SALES AGREEMENT (the “contract”) today, March 2006 BETWEEN: Brenda`s widgets, Inc. (BWI) of 123 Main St., Podunk, Iowa (the `seller`) OF FIRST TEILs – AND – Jim Doe of 456 First St., Secondville, Michigan (the `buyer`) of the second PART IN CONSIDERATION OF THE COVENANT and the agreements entered into in this sale agreement by the parties in this agreement as follows : Goods sale 1. The seller will sell, transfer and deliver to the buyer the following goods (the “goods”) at his office on June 1, 2007 or before June 1, 2007: 10,000 widgets. Purchase price 2. The buyer will accept the merchandise and pay for the merchandise with the sum of fifty thousand (50,000 USD) USD, paid as follows: a. a. deposit of 5,000.00 USD on January 15, 2007; and b) the balance of the purchase price by certified control in accordance with item 4 of this agreement. 3. The seller and buyer recognize the adequacy of this consideration. In addition to the purchase price indicated in this agreement, the amount of the sale, use, consumer power or similar tax applicable to the sale of the goods is paid by the buyer or, moreover, the buyer will make available to the seller a certificate of tax exemption acceptable by the competent tax authorities.
4. Payment of the goods is made to the seller when the buyer is informed that the goods have been delivered by the seller to his place of business…. Article 26 of the CA stated that an agreement reached without consideration is cancelled. Under Section 2, Point D CA, reflection is an act, abstinence or promise on the part of the rightful person or another person, as required by the promisor in exchange for his or her promise. Literally, it means something that is given in exchange for something else. On the other hand, there was an exception under Section 26 CA, which is an agreement without consideration, unless the contract concluded on the basis of love and natural effects is mentioned in Section 26 bis CA. There are several requirements under article 26 A) that the contract must be expressed in writing, must be registered if prescribed by law and because of natural love and affection and between parties close to each other. Ca Sec 26 further states that “A” out of love and natural affection promises to give `B` to his son, RM1000. “A” writes its promise to “B” in the letter and registers it for the time being under a law for the registration of such documents.