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.
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