THREE-SEVENTY LEASING CORPORATION V. AMPEX CORPORATION
528 F.2d 993 (5th Cir. 1976)
NATURE OF THE CASE: This was a breach of contract action and an appeal from the finding of an enforceable contract. Leasing (P) sought review of a judgment, in favor of Ampex (D) in P's action for breach of a contract to sell computer core memories and D cross appealed against the finding of an enforceable contract.
FACTS: 370 Leasing (P) was formed for the purpose of leasing computer equipment. P discussed the possibility of purchasing computer equipment from Ampex (D). P did this through D's sales contact named Kay, an employee of D. P was informed after a meeting with D's salespeople that D could only sell to P if P could pass muster on D's credit requirements. P also began negotiations with EDS, which resulted in EDS's verbal commitment to lease six units of D's computer core memory from P. P desired to close both transactions simultaneously. Negotiations resulted in a document from P to purchase six cores from D at a price of $100,000 each with a down payment of $150,000 and the remainder to be paid over five years. Delivery was specified to be to EDS. P got the document on 11-6-1972 and signed but it was never signed by D. A dispute arose over whether there was a contract. The district court ruled that there was a contract but made no determination as to whether the document was an offer to sell accepted by P's signature or an offer to purchase when signed by P, which was later accepted by D. D appealed.
ISSUE:
RULE OF LAW:
HOLDING AND
DECISION:
LEGAL ANALYSIS:
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