Also known as: agreed prices · contract price · stipulated price
Written by attorneys · grounded in primary & secondary sources — see below
The price that parties to a contract have mutually agreed upon as the consideration for performance. It serves as the baseline figure from which adjustments for deterioration, cover costs, or market differentials are calculated in remedies for breach or casualty.
Atlas Ventures contracted to buy a specific shipment of aerospace components from Astra Aerospace at an agreed price of $250,000. Before risk of loss passed, a storm damaged half the shipment. Atlas inspected the goods and elected to accept the deteriorated components while claiming an allowance reducing the amount owed below the agreed price.
Adrian Aguilar agreed to purchase industrial presses from Anchor Bank at an agreed price of $180,000. When the seller failed to deliver, Adrian purchased substitute presses from another supplier for $210,000. Adrian recovered the difference between the cover cost and the agreed price plus incidental expenses.
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Albert Allen contracted to buy raw materials from Arcadia Retail at an agreed price of $95,000. Arcadia repudiated before delivery. On the date Albert learned of the breach the market price had risen to $120,000. Albert recovered the difference between that market price and the agreed price.
Antonio Alvarado arranged sham home sales in which Brown paid each seller the agreed price while the lending institution disbursed a larger loan amount based on inflated applications. The difference between the loan proceeds and the agreed price was split among the conspirators.
Austin Abbott contracted to buy Lot S from Alexis Archer for an agreed price of $15,000. After the court ordered conveyance, the judgment required Abbott to tender the unpaid balance of the agreed price in cash within a stated period before title would pass.
Nanakuli Paving contracted with Shell Oil for asphalt at prices that incorporated trade usage requiring Shell to hold its posted price for work already committed. When Shell raised prices, the court treated the usage as consistent with the agreed price term and enforced the lower rate for committed jobs.
The buyer may demand inspection and then choose either to treat the contract as avoided or to accept the goods while claiming a reduction from the agreed price to reflect the deterioration or quantity shortfall.
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The buyer recovers the difference between the cost of a reasonable substitute purchase and the agreed price, plus incidental and consequential damages, minus expenses saved because of the breach.
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Damages equal the difference between the market price at the time the buyer learned of the breach and the agreed price, together with incidental and consequential damages less expenses saved.
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No. Once the seller executes and records the deed, the promise to pay the agreed price becomes enforceable even if later-discovered costs rise, because the land transfer removes the payment obligation from the Statute of Frauds.
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…with the terms of the contract except as to minor omissions, due to inadvertence, then he might be allowed to recover the contract price, less the amount necessary to fully compensate the defendant for damages caused by such omissions. ( Woodward v. Fuller , 80 N. Y. 312; Nolan v. Whitney , 88 N. Y. 648.) But that is not…