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Bacou Dalloz USA, Inc. v. Continental Polymers, Inc.
Court of Appeals for the First Circuit (2003) | 344 F.3d 22; 62 Fed. R. Serv. 777; 2003 U.S. App. LEXIS 18506; 2003 WL 22075760
TL;DR: A letter outlining a future supply agreement was deemed an enforceable contract, not merely an unenforceable “agreement to agree.” The court found that terms for price and quality tied to objective market standards were sufficiently definite to create binding obligations.
Legal Significance: This case clarifies that a preliminary agreement is an enforceable contract if it reflects intent to be bound and contains essential terms that are objectively ascertainable, such as by reference to a market price, even if a more formal document is contemplated.