Oglebay Norton Co. v. Armco, Inc.

This case presents three mixed questions of fact and law. First, did the parties intend to be bound by the terms of this contract despite the failure of its primary and secondary pricing mechanisms? Second, if the parties did intend to be bound, may the trial court establish $6.25 per gross ton as a reasonable rate for Armco to pay Oglebay for shipping Armco ore during the 1986 shipping season? Third, may the trial court continue to exercise its equitable jurisdiction over the parties, and may it order the parties to utilize a mediator if they are unable to mutually agree on a shipping rate…