Open Terms. In 1988, International Business Machines Corp (IBM) ...

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Open Terms. In 1988, International Business Machines Corp (IBM) and American Shizuki Corp (ASC) signed an agreement for future purchase by IBM of plastic film capacitors made by ASC to be used in IBM computers. The agreement stated that IBM was not obligated to buy from ASC and that future purchase orders shall be

Question 2

An undisclosed principle is:
 a. known to the agent
  b. unknown to the agent
  c. known to third parties to contracts entered into with the agent d. known to partners
  e. none of the other choices

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Answer to Question 1

Open terms
The court granted IBM's motion for summary judgment, and ASC appealed to the U.S. Court of Appeals for the Eighth Circuit, which affirmed the judgment of the lower court. The appellate court explained that IBM made no oral or written promises that it would either purchase a specified quantity of the plastic capacitors or that ASC would recover the costs of its capital expenditures. ASC understood that all purchases of capacitors by IBM would be made through purchase orders, and that IBM never made intentionally false representations to ASC about any matter related to the capacitor project. These facts, and the cautionary language in the Standard Ordering Agreement and the conditional language of the . . . letters from IBM . . . , defeats ASC's claims.

Answer to Question 2

e