Albert Has a Contract to Buy 100 Tables from Bartholomew

question 22

True/False

Albert has a contract to buy 100 tables from Bartholomew at a price of $50 a table. Five days before Bartholomew is to deliver the tables, he calls Albert to say that he is sorry but $50 won't cover his costs, and he will now need at least $75 a table. Albert agrees, because he needs the tables for his special sale. The modified contract is enforceable even though Albert isn't getting any new consideration, so long as Bartholomew is acting in good faith and the agreement to the new price is put in writing.

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Definitions:

Licensing Agreement

A contract in which one company (the licensor) grants permission to another company (the licensee) to use the licensor’s intellectual property in return for payment.

Ethical Decision

The process of choosing among alternatives in a manner consistent with ethical principles.

Forum Selection Clauses

Provisions in a contract that establish the jurisdiction or court in which disputes arising from the contract will be resolved.

Illinois Law

The body of state law, including statutes, regulations, and case law, governing legal matters within the state of Illinois.