Contracts: Open Price
Courts Distributors needed two hundred compact refrigerators on a rush basis. It contacted Eastinghouse Corporation, a manufacturer of refrigerators. Eastinghouse said it would take some time to quote a price on an order of that size. Courts replied, "Send the refrigerators immediately and bill us later." The refrigerators were delivered three days later, and the invoice ten days after that. The invoice price was $140,000. Courts believes that the wholesale market price of the refrigerators is only $120,000. Do the parties have a contract? If so, what is the price? Explain.
Referring to the case in question, this solution determines if the two parties have a contract and if so, what would be the price of the purchase? Specifically, it discusses the criteria to determine the price of the purchase.
- Plain text response
- Your Information is Secure
- Best Online Academic Help Service
- Students find real academic Success
- BUSINESS LAW - A U.S. sleepwear manufacturer discovers that the chemicals used to flame proof children's pajamas might cause cancer if absorbed through the child's skin. These pajamas were then banned from sale in ...
- Intentional Interference question and Product Liability Question - The tort of intentional interference with contractual relations requires the following except: a. A valid, enforceable contract between the contracting parties. b. ...
- Different types of business entities LLC - I am trying to understand the pros and cons of choosing a different type of entity (Limited liability, Corporation Partnership, franchises or sole proprietorship) which best suits each situation below ...
- Business Law - When the promoters fail to comply with some of the mandatory conditions precedent to incorporation, but substantially comply with the provisions taken as a whole, what kind of corporation is created? ...
- Agents and corporations are discussed. - 1. Whenever the agent's duties to the principal conflict with the agent's own interests: A) the agent automatically is regarded as having breached the duty of loyalty. ...
