Alaska (P) entered into discussions with Alyeska (D) for P to purchase all of D's caterpillar parts. A letter of intent was prepared, and P's proposal to purchase was sent to D. D responded with its own letter which was conditioned upon final approval of the owner committee. The price term was absent from the letter. P and D met and agreed that they would pay 65% of D's price and filed in the blank price and signed the letter. The proposal was rejected. P contends that D would only review the proposed agreement to determine if the price was fair and reasonable. D contends that there was no such limitation. P sued D and D moved for summary judgment. The court initially denied summary judgment for breach of contract but later changed its mind and granted judgment to D. P appealed.

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