Sales & Lease Contracts: Price as Term ANNA We've been waiting for two weeks. CALEB Anna. We need to talk. ANNA All righ
Posted: Thu Apr 28, 2022 11:23 am
Sales & Lease Contracts: Price as Term
ANNA We've been waiting for two weeks.
CALEB Anna. We need to talk.
ANNA All right, how about you hold? What?
CALEB The computer equipment. I just got off the phone with
the seller.
ANNA Uh-huh?
CALEB He says he's not going to deliver the equipment. We
don't have a contract.
ANNA What?
CALEB He says that we didn't agree on a price. So we don't
have a contract. So he's not delivering. I need that
equipment, Anna.
ANNA Oh, great. He hung up.
CALEB What are we going to do?
ANNA Um...I'm going to call him and make him deliver.
CALEB But I just tried. He says we don't have a
contract.
ANNA Well, he's wrong. We had an agreement in the emails
that went back and forth. The phone rings. She picks
up.
ANNA Hello, Wizard Internet. Yes. Okay. Yes.
Yes.
CALEB Did we settle on a price? Because if so, I can just
make the …
ANNA Please hold. There was no set price.
CALEB How can we have a contract without a price?
ANNA Because. I think the UCC says that as long as
there's a clear agreement between parties, other terms can be
cleared up later. We agreed to buy that equipment, he
agreed to sell, we've got a contract. To figure out the
price,all we have to do is see what a reasonable market price
is at time of delivery.
CALEB Wow. I didn't know it could work out like
that.
ANNA Most sellers know. But sometimes they try to take
advantage
CALEB Ya, he said he could have another buyer.
ANNA Okay. I'll bet that's it. I bet he has another
buyer who's going to purchase the equipment at a higher price,
so he's trying to wriggle out of the deal with us. Hold
on a sec.
ANNA Hello. Oh. Could you call back in a little
while? Thanks.
ANNA Ok, all you have to do is send him a copy of the
emails where we agreed to make the purchase. That's sufficient
proof of the contract.
CALEB Do we have that?
ANNA Don't we? Oh no. I'll help you look.
CALEB What about the call?
ANNA That's my mom. She'll be calling back.
CALEB I don't know. He said we don't have a
contract. Which I was prepared to believe because I thought
honestly, to have a contract, you need, like, a piece of
paper. With signatures. And information like... the
price of what you were buying. I mean, that's how it is,
right?
ANNA Okay, price can be a crucial contract term. When the
item is one of a kind and the only way to know what the price
is is to have the parties hash it out. But when you're dealing
with a mass-produced item with a clear market price...the
important thing is that the seller agrees to sell and the
buyer agrees to pay. That's all you need.Of course, I do think
we're going to need some of that to be written
down...
NARRATOR What does Anna need to show that Wizard has a
contract for computer equipment?
ANNA We've been waiting for two weeks.
CALEB Anna. We need to talk.
ANNA All right, how about you hold? What?
CALEB The computer equipment. I just got off the phone with
the seller.
ANNA Uh-huh?
CALEB He says he's not going to deliver the equipment. We
don't have a contract.
ANNA What?
CALEB He says that we didn't agree on a price. So we don't
have a contract. So he's not delivering. I need that
equipment, Anna.
ANNA Oh, great. He hung up.
CALEB What are we going to do?
ANNA Um...I'm going to call him and make him deliver.
CALEB But I just tried. He says we don't have a
contract.
ANNA Well, he's wrong. We had an agreement in the emails
that went back and forth. The phone rings. She picks
up.
ANNA Hello, Wizard Internet. Yes. Okay. Yes.
Yes.
CALEB Did we settle on a price? Because if so, I can just
make the …
ANNA Please hold. There was no set price.
CALEB How can we have a contract without a price?
ANNA Because. I think the UCC says that as long as
there's a clear agreement between parties, other terms can be
cleared up later. We agreed to buy that equipment, he
agreed to sell, we've got a contract. To figure out the
price,all we have to do is see what a reasonable market price
is at time of delivery.
CALEB Wow. I didn't know it could work out like
that.
ANNA Most sellers know. But sometimes they try to take
advantage
CALEB Ya, he said he could have another buyer.
ANNA Okay. I'll bet that's it. I bet he has another
buyer who's going to purchase the equipment at a higher price,
so he's trying to wriggle out of the deal with us. Hold
on a sec.
ANNA Hello. Oh. Could you call back in a little
while? Thanks.
ANNA Ok, all you have to do is send him a copy of the
emails where we agreed to make the purchase. That's sufficient
proof of the contract.
CALEB Do we have that?
ANNA Don't we? Oh no. I'll help you look.
CALEB What about the call?
ANNA That's my mom. She'll be calling back.
CALEB I don't know. He said we don't have a
contract. Which I was prepared to believe because I thought
honestly, to have a contract, you need, like, a piece of
paper. With signatures. And information like... the
price of what you were buying. I mean, that's how it is,
right?
ANNA Okay, price can be a crucial contract term. When the
item is one of a kind and the only way to know what the price
is is to have the parties hash it out. But when you're dealing
with a mass-produced item with a clear market price...the
important thing is that the seller agrees to sell and the
buyer agrees to pay. That's all you need.Of course, I do think
we're going to need some of that to be written
down...
NARRATOR What does Anna need to show that Wizard has a
contract for computer equipment?