Contracts Keyed to Frierback
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On March 15, a vineyardist entered into a written agreement with a winery that provided that the vineyardist would sell 1,600 tons of tokay grapes to the winery for $750 per ton, delivery to be no later than November 1 of the same year. By November 1, the vineyardist had delivered only 700 tons of grapes and had informed the winery by fax that she had used the remainder of her crop in the production of wine for her own shop. The winery purchased an additional 900 tons of tokay grapes from other growers at the then-prevailing market price of $800 per ton. The vineyardist has submitted an invoice to the marketing department of the winery for $525,000.
Ignoring incidental costs of cover, the winery should:CorrectIncorrect