4.8 โข 27.5K Ratings
๐๏ธ 6 May 2025
โฑ๏ธ 28 minutes
๐๏ธ Recording | iTunes | RSS
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0:00.0 | This is 99% Invisible. |
0:03.3 | I'm Roman Mars. |
0:07.2 | Back in 2021, Chris Octor, a farmer in Saskatchewan, Canada, was hashing out a contract with a buyer interested in purchasing some of his flax. |
0:16.5 | And they've dealt with each other before. |
0:18.2 | They've formed contracts before. |
0:20.2 | This is Eric Goldman, a law professor at Santa Clara University Law School. And he says that the farmer, |
0:26.0 | Chris, and the buyer had a history. They would often discuss these grain orders over text. |
0:32.0 | And so they're working on a new contract for this year's crop. And the buyer sends over a standard form that says, |
0:40.1 | here's the offer for buying your flax. And the seller responds with the thumbs up emoji. |
0:51.6 | Between discussing the contract in March and the delivery date in November, the price of flax increased. |
0:59.0 | That's producer Talandstradley. |
1:01.0 | That year, there was a drought, and the flax harvest was smaller than many farmers expected. |
1:06.3 | As the supply of flax went down, its price went up. |
1:10.6 | This would have been a good thing for the buyer, |
1:12.5 | who thought they locked in their contract earlier that year at the lower price. |
1:16.8 | But when November rolled around, no flax was delivered. |
1:22.1 | The misunderstanding goes back to that thumbs-up emoji. |
1:26.2 | The buyer thought Chris was agreeing to the contract, |
1:29.4 | but Chris, the seller, had a different perspective. |
1:33.0 | The seller explaining the thumbs-up emoji says, |
1:36.5 | I was just acknowledging receipt. |
1:38.3 | I wasn't agreeing to the terms, |
... |
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