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?