A Buyer and a Seller Would Like to Enter into a Contract

question 256

Multiple Choice

A buyer and a seller would like to enter into a contract for the sale of goods. In his offer the buyer does not specify a price. The seller agrees with the arrangement.

• A) under Article 2 there is a contract if the parties have done business before
• B) under the common law of contracts, but not the UCC, there is a contract because the parties intended to enter into a binding agreement even in the absence of the price term
• C) there is a contract under Article 2 because it allows the parties to enter into a contract even though the price is to be determined later
• D) there is no contract under Article 2 because "some of the offer's major terms were omitted or were simply left open for determination later"
• E) there can be no contract under Article 2 or the common law when price is missing

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Definitions:

Marble

A metamorphic rock composed of recrystallized calcite or dolomite.

Quartzite

A very hard rock consisting chiefly of quartz grains joined by secondary silica that causes the rock to break across rather than around the grains; formed by metamorphism or by silica cementation of a quartz sandstone.

Slate

A compact, fine-grained, low-grade metamorphic rock that possesses slaty cleavage.

Hornfels

Hornfels is a metamorphic rock formed by the contact between mudstone or other clay-rich rock and a hot igneous body, characterized by its hardness and fine grain.