Final answer:
The Buyer may not be bound by the new price agreement if the contract modification does not meet legal enforceability criteria, such as additional consideration. However, special conditions like commercial impracticability could justify contract modification or termination under specific circumstances.
Step-by-step explanation:
The question pertains to a legal concept in contract law regarding whether the Buyer is bound by his promise to pay an increased price for the gasoline, due to a significant price increase during the term of the contract. In contract law, generally, a change in market conditions does not provide sufficient grounds to modify a contract unilaterally. Therefore, if a seller agreed to deliver gasoline at a fixed price, the seller is typically bound by that agreement despite market fluctuations. However, if both parties mutually agree to amend the contract to reflect the new price, this modified agreement could be legally binding. Yet, the modification must meet certain criteria under contract law to be enforceable, such as conformance with the pre-existing duty rule (if the jurisdiction recognizes this rule) and the presence of additional or fresh consideration. If the modification lacks these elements, it may be seen as unenforceable, potentially allowing the buyer to refuse to pay the increase.
In practice, if the market conditions change dramatically outside of what could have been reasonably anticipated, some jurisdictions may recognize this as a type of commercial impracticability or frustration of purpose, potentially allowing for contract modification or termination. Nonetheless, these are exceptions and very fact-specific, requiring a detailed analysis of the contract and circumstances.