Assalaamu 3Alaykum wa rahmatullaah
Some rulings on Udhiyah (sacrifice)
The majority of scholars are of the view that it is Sunnah mu’akkadah (a confirmed Sunnah). This is the view of al-Shaafa’i, Maalik and Ahmad according to his most well-known view. Others were of the view that it is obligatory. This is the view of Abu Haneefah and one of the views narrated from Ahmad. This was also the view favoured by Ibn Taymiyah who said: “This is one of the views narrated in the madhhab of Maalik, or it appears to be the view of Maalik.”
From Risaalat Ahkaam al-Udhiyah wa’l-Dhakaah by Ibn ‘Uthaymeen (may Allaah have mercy on him).
Shaykh Muhammad ibn ‘Uthaymeen (may Allaah have mercy on him) said: “Udhiyah is Sunnah mu’akkadah (a confirmed Sunnah) for the one who is able to do it, so a person should offer the sacrifice on behalf of himself and the members of his household.”
Fataawa Ibn ‘Uthaymeen, 2/661.
1). The best kinds of animals for udhiyah:
The best type of animals for udhiyah are: camels, then cows – if sacrificed on behalf of one person; then sheep; then goats; then one-seventh of a camel; then one-seventh of a cow. The best type of animals are those which are fat and have more meat, and are physically complete and good looking.
Read more here: http://www.islamqa.com/en/ref/36663
2). Slaughtering the sacrifice is better than giving its price in charity:
The scholars stated that slaughtering the sacrifice is better than giving its price in charity.
3). Slaughtering the sacrifice in the land where one is, or to send a sum of money:
Shaykh Ibn ‘Uthaymeen (may Allaah have mercy on him) was asked: Is it permissible to slaughter the sacrifice in the land where one is, or to send a sum of money for that to your own country or to another Muslim country?
It is better to offer the sacrifice in your own country if your family are with you. If your family are elsewhere, and they do not have anyone with them who can offer the sacrifice for them, then send money to them to offer the sacrifice there.
End quote from Majmoo’ Fataawa al-Shaykh Ibn ‘Uthaymeen (24/207)
Read more: http://www.islamqa.com/en/ref/85039
4). The time for udhiyah (sacrifice):
The time for offering the sacrifice begins after the Eid prayer on Eid al-Adha and ends when the sun sets on the thirteenth of Dhu’l-Hijjah.
So there are four days of sacrifice: the day of Eid al-Adha and the three days after it.
It is better to hasten to offer the sacrifice after the Eid prayer, as the Messenger (peace and blessings of Allaah be upon him) used to do, then the first thing he would eat on the day of Eid would be meat from his sacrifice.
Read more: http://www.islamqa.com/en/ref/36651
5. Udhiyah – What should be eaten and what should be given away?
It is prescribed for the person who offers the sacrifice to eat some of the meat, to give some as gifts and to give some in charity.
Prophet (peace and blessings of Allaah be upon him) said: “Eat some, give some to others and store some.” Narrated by al-Bukhaari.
Giving some to others includes both giving gifts to the rich and giving charity to the poor.
Read more here: http://www.islamqa.com/en/ref/36532
And Allaah knows best.