Question
Wal-Mart has a contract to purchase tires from Firestone. Wal-Mart purchased the tires by placing a phone call to Firestone's headquarters in Chicago, IL. Firestone
Wal-Mart has a contract to purchase tires from Firestone. Wal-Mart purchased the tires by placing a phone call to Firestone's headquarters in Chicago, IL. Firestone delivered the tires with an invoice stating the terms of the sale required payment within 90 days and a 2 % interest per month finance charge would be charged on accounts over 90 days. When Wal-Mart failed to pay the invoice on time, interest was charged according to this rate. Later, Wal-Mart refused to pay the accumulated interest charge, claiming there was not a meeting of the minds regarding the finance charge in any conversation prior to the sale. Discuss Uniform Commercial Code Section 2-207 in general and with regard to this situation. Does Wal-Mart owe the interest accrued? Would the result differ under the common law? How?
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