Reference no: EM132180565
K Kardashian, Incorporated is a reputable and popular sweater manufacturer. Based upon Kardashian's reputation and popularity, Scarlet Raptor Stores, L. L. C. enters into a contract with Kardashian. The contract is a "requirements" contract, stipulating that Scarlet Raptor will purchase whatever number of "Arctic Ice" brand 100% wool sweaters it needs for a one-year period, at a "per-unit" price of $12.00.
Two developments result in litigation between Kardashian and Scarlet Raptor. First, due to an unanticipated sheep shortage, with substantially fewer sheep to shear, the price of wool skyrockets 1,000 percent. Second, due to an unexpected "cold snap," consumer demand for wool sweaters increases dramatically, resulting in a 500% increase in Scarlet Raptor's wool sweater orders to Kardashian, compared to order averages over the previous ten years (the parties have a long-standing business relationship.)
Kardashian implores Scarlet Raptor to increase its per-unit purchase price to $36.00, but Scarlet Raptor refuses to modify the price term stipulated in the contract. When Scarlet Raptor refuses to pay a higher price for the sweaters, Kardashian ceases delivery, claiming that it would be bankrupted by continuing to fill Scarlet Raptor orders; further, Kardashian claims that based upon the longstanding business relationship between the parties, Scarlet Raptor has at least an ethical obligation to pay a higher price.
Who wins? Does Scarlet Raptor have an ethical obligation to pay a higher price, based upon such an unanticipated change in circumstances?
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