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A offers to sell B 1000 boxes of nails, but forgets to state the price. All other material terms are present, however. B accepts, but later wants to back out of the deal, arguing that the offer was indefinite. Is there a contract here? Why or why not?

Assume that at the time of the deal the parties intended to make a contract. Assume also that there was an established market price for the nails in question here.

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This solution gives you strong points concerning enforceable contract

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A offers to sell B 1000 boxes of nails, but forgets to state the price. All other material terms are present, however. B accepts, but later wants to back out of the deal, arguing that the offer was indefinite. Is there a contract here? Why or why not? Assume that at the time of the deal the parties intended to make a contract. Assume also that there was an established market price for the nails in question here.

There is contract here because A has made an offer and B has accepted ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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