Business, 03.07.2020 21:01, biancaadenisee2
Seattle Shoestring Sales, Inc. arranged to sell shoestrings to Victory, Inc., a tennis shoe manufacturer. According to the terms of the deal, Seattle Shoestring Sales committed to sell Victory whatever number of shoestrings it will produce next year, at seventy-five cents per pair. Since entering into their agreement, the price of cotton has skyrocketed five hundred percent. To produce shoestrings, Seattle Shoestring Sales’ cost alone will be approximately $1.50 per pair. Seattle Shoestring Sales has informed Victory that it cannot and will not honor the deal.
Required:
a. Is there an enforceable contract between Seattle Shoestring Sales, Inc. and Victory, Inc.?
b. Is the failure to include a quantity term in the agreement fatal to its enforceability?
c. What about the fact that the price of cotton dramatically increased after the companies reached their agreement?
d. Should a court or other arbiter increase the per-pair contract price to account for the increase in the price of cotton, and then enforce the agreement?
Answers: 1
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Seattle Shoestring Sales, Inc. arranged to sell shoestrings to Victory, Inc., a tennis shoe manufact...
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