Seller agreed to deliver gasoline to Buyer at $3.15 per gallonover a period of one year. By the sixth month, gasoline hadincreased in price over a dollar a gallon. Although Seller hadgasoline available for sale, he told Buyer the price would have toincrease by that much or he would be unable to deliver. Buyeragreed to the increase, but when billed, refused to pay theadditional amount. Is Buyer bound by his promise to pay theincrease? Explain.