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Source Buyer's Remedies Complete Contracts and UCC Article 2 List Matched to this deck.

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0 tracked cards Contracts

A buyer and seller agreed that the seller would provide 1,000 replacement pumps in July. They left the final price to be set by market conditions, but both sides began performance and referred to the agreement as binding. The seller later argued no contract existed because the price was open.
Which statement best describes the likely Article 2 result?

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A contract exists automatically whenever parties discuss quantity, regardless of intent. No contract exists because Article 2 never supplies missing terms. No contract exists unless the seller is a merchant. A contract may exist if the parties intended to be bound and there is a reasonably certain basis for remedy, with a reasonable price supplied if appropriate.

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