Sanford entered into a contract with Banson, a manufacturer of jackets topurchase a number of collection of jackets for $5,500. Two weeks before the date for the shipment of the jackets, Banson placed a call to Sanford and indicated that he would be unable to deliver the jackets at the contract price of $5,500. Banson requested a change in the price to $7,000 or he would not be able to deliver.

After discussing the matter with his sales manager,Sanfordreluctantlyagreed to the $7,000 price, and Banson agreed to send the jackets. After the jackets had been delivered and accepted by Sanford,Sanford refused to pay the $7,000. He insisted on paying the original contract price of $5,500. Is the contractual modification binding? Explain.