Wagner Excello Foods, Inc. v. Fearn International, Inc.
Illinois Appellate Court
601 N.E.2d 956 (Ill. App. 1992)
Parties can execute a contract for the sale of goods even if the price is not settled, provided they intend to do so.
Relevant Facts
Wagner Excello Foods, Inc. entered into an agreement with Fearn International, Inc. to manufacture fruit drink concentrates over five years. The agreement required Fearn International to purchase minimum quantities each year and included exclusivity, indemnity, and insurance clauses. However, it did not establish a price for the concentrate. Instead, the agreement stated that the parties would review the price every four months, allowing Wagner to change the price subject to Fearn International's agreement. If no agreement on the price was reached, the agreement would terminate 30 days after the end of the four-month period. Wagner sued for breach of contract, but Fearn International argued that the agreement was merely an agreement to agree since it did not include a set price.
Issue
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Holding & Reasoning
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Concurrence
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Dissent
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Last updated:
December 8, 2023
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Procedural History
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Citations
601 N.E.2d 956 (Ill. App. 1992)