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Business Organizations Keyed to Chasalow, 3rd Ed.
Three-Seventy Leasing Corp. v. Ampex Corp.
Citation:
528 F.2d 993 (1976)Facts
Three-Seventy Leasing Corporation was formed by Joyce to purchase computer hardware for lease to end-users. In August 1972, Kays, an Ampex salesman and friend of Joyce, initiated discussions about 370 purchasing equipment from Ampex. Joyce was informed that Ampex could sell to 370 only if 370 met Ampex’s credit requirements. Simultaneously, Joyce negotiated with Electronic Data Systems (EDS), securing a verbal commitment from EDS to lease six Ampex computer core memory units. Joyce continued negotiations with Kays, resulting in a written document for the purchase of six core memory units at $100,000 each, with a $150,000 down payment and the remainder payable over five years. Joyce signed this document on November 6, 1972, but no Ampex representative ever signed it. On November 17, 1972, Kays sent Joyce a letter confirming delivery dates for the memory units. Ampex never delivered the equipment, and 370 sued for breach of contract.
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