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A is corrent. The contract entered into by Cobb Company with Thrifty Oil Company was a valid contract for a specified quantity of heating oil. Therefore, Cobb is obligated to purchase the entire 100,000 gallons from Thrifty as agreed upon in the contract. The fact that there was an unseasonably warm winter will not change Cobb’s obligation to Thrifty since this was a change of circumstances which could be foreseen by the parties.
B is incorrect. Cobb would still be liable despite the fact that it acted in good faith. Refer to the correct answer explanation.
C is incorrect. This is not a situation in which commercial impracticability would apply since an unseasonably warm winter is a change in circumstances which could be contemplated by Cobb.
D is incorrect. This is not a requirements contract. A requirements contract is one in which one party agrees to buy all of a specified good which that party may require for use in his/her own business. In this situation, Cobb had contracted to buy a specific amount of heating oil (100,000 gallons).