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Contract – ‘Net Profit’ – Gasoline Supply Contracts – Accounting – Declaratory Judgment

South Carolina Lawyers Weekly staff//December 23, 2010//

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Contract – ‘Net Profit’ – Gasoline Supply Contracts – Accounting – Declaratory Judgment

Contract – ‘Net Profit’ – Gasoline Supply Contracts – Accounting – Declaratory Judgment

South Carolina Lawyers Weekly staff//December 23, 2010//

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Consignment Sales, LLC v. Tucker Oil Co. (Lawyers Weekly No. 011-154-10, 5 pp.) (James E. Lockemy, J.) Appealed from Circuit Court. (G. Thomas Cooper Jr., J.) S.C. App. Click here for the full text of the opinion.

Holding: Even though the did not define “net profit,” defendant calculated and paid net profit for 18 months without objection. Defendant’s assertion that the parties’ contract is invalid because it lacked an agreed upon price term is inconsistent with its actions.

Judgment for plaintiff affirmed.

Even though plaintiff sued at law for breach of contract, the trial court could order the equitable remedy of an accounting since plaintiff had no access to the data needed to calculate its profit under the contract. There was a need for discovery; hence, an accounting was appropriate.

Where plaintiff is an interested party under its contract with defendant, plaintiff has standing to maintain a action.

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