I'm trying to create a contract for the sale of future goods. How do I do that without the contract becoming illusory? Basically, I need to create a contract between two parties that will affect the sale of any cars the buyer agrees to buy from the seller in the future. Is that possible? The goal is to keep the buyer and seller from having to sign a new contract every time they want to make a transaction.
Country relating to Question: United States
State (if USA): New York
I keep thinking about Wood v. Lucy, which tells me it may be possible?
Under NY UCC 2-306, a contract can be made between a buyer and seller in good faith, based upon the seller's output, and/or the buyer's requirements. This "output and requirements" contract is designed to permit a contract to cover some or all of a seller's future production/output, and/or some or all of a buyer's future requirements. There is nothing illusory about this contract form. Example:
Hope this helps.
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Would something like this work then?
Either text is workable, in my opinion. The latter text is certainly more lawyer-like, but it may not express what you are trying to convey in the contract. Hope this helps. NOTICE: My goal here is to entertain while educating the public about the law. Your positive feedback to the website is appreciated. If you need to contact me again, please put my user id at the beginning of your question ("To Socrateaser"), and the system will send me an alert. Please Click the following link for IMPORTANT LEGAL INFORMATION. Thanks and best wishes!
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