If a corporation enters into an agreement over the telephone to purchase 100 units from Torta Company at a purchase price of $4.00 per unit, the written confirmation sent by Torta might state that the seller’s base cost has increased since the telephone conversation and, consequently, the purchase price per unit is now $4.40. Does the corporation have to reluctantly agree to the increased price? Yes, because this contract, since it is is for the sale of goods, is covered by Article 2 of the U.C.C. Section 2-209 which provides that contract modification sought in good faith is binding without consideration.
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