Next Generation Bar Exam Quiz
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CONTRACTS
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A hotel owner and a management company sign a five-year hotel management agreement. The agreement states that the management fee for the first year is $100,000 and that 'the annual fee for each subsequent year shall be agreed upon in writing by the parties before December 1 of the preceding year.' The parties cannot agree on the second-year fee. The management company demands that the owner continue using its services at a reasonable fee, arguing that it trained the owner's staff in reliance on the contract and that the owner's refusal to agree is a breach of the implied covenant of good faith and fair dealing.
Which of the following is the best statement of the owner's obligation?
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