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Contracts Keyed to Blum
Family Snacks of North Carolina, Inc. v. Prepared Products Co.
Citation:
295 F.3d 864 (2002)Facts
The parties entered into an agreement in which Prepco agreed to buy $10 million of product from Family Snacks during the first year of their deal. In this agreement, Family Snacks agreed to sell the products on a “cost plus” basis. Prepco’s CEO guaranteed performance of their obligations. The agreement included a formula to calculate the price of the products, which would be based on the manufacturing cost of the product plus a 15% profit margin. Factors were outlined in the formula that would determine the manufacturing costs. The manufacturing costs also included a fixed overhead cost of 29 cents per pound of product. During the first year, Prepco did not buy anything from Family Snacks. Family Snacks then brought this claim. Prepco argued that the agreement was not enforceable because it was illusory and because Family Snacks hindered their performance by not providing necessary pricing information, limiting Prepco’s ability to make orders.
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Topic Resources
Topic Videos
Topic Outlines
Interpretation of the Contract Breach Formation of Contracts Defenses to Formation Performance Excuse to PerformanceTopic Refresher Course
Breach: Major and Minor