Brief Fact Summary. Plaintiff Oglebay Norton Co. and Defendant Armco, Inc., entered into a long-term contract that required Defendant to pay for shipping via a primary and secondary pricing mechanism. After the parties were unable to agree on a shipping rate for the year 1986, Plaintiff filed a declaratory judgment action seeking to have the Court fix the shipping rate for the year.
Synopsis of Rule of Law. Since the parties intended to be bound to the contract, the trial court had the authority to set a shipping rate and require the parties to negotiate and mediate with each shipping season.
In Ohio, such agreements to agree are enforceable when the parties have manifested an intention to be bound by their terms and when these intentions are sufficiently definite to be specifically enforced.View Full Point of Law