As FOF’s COO, Cowett’s general understanding of the pricing policy was stated in a memorandum written on April 19, 1968: KRC would offer properties to FOF “from time to time and on a more or less continuous basis,” the terms of sale are to be “no less favorable than those offered by [KRC] to other nonaffiliated purchasers [and] all transactions will be arms-length in nature.” Cowett also stated his understanding of the relationship and pricing policy in a letter dated November 11, 1970.