AUDIO Case Study – Contract Lessons from Eastern Air Lines vs Gulf Oil on Good Faith in Requirements Contracts

Description

In this episode, we explore the influential case of Eastern Air Lines, Inc. v. Gulf Oil Corp. (1975), which highlights the importance of good faith in requirements contracts under the Uniform Commercial Code (UCC). This case clarifies the expectations and obligations when one party agrees to supply all of the other party’s needs. For contract managers, the case serves as a critical guide to managing requirements contracts and ensuring that both parties act in good faith when fulfilling their contractual obligations. We’ll break down the case and discuss actionable insights on managing long-term supply agreements.