Tubelite, a Division of Indal, Inc., Petitioner v. Risica & Sons, Inc., Respondent

Summary

The Texas Supreme Court affirmed the Court of Appeals, holding that the contract formed by Tubelite's quotation and Risica's acceptance contained no term for interest and that the parties' subsequent conduct did not create an implied agreement to pay interest. Consequently, the statutory six percent interest rate applied and usury penalties were imposed.