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What are the 2 parts of mutual assent?
What is the UCC definition for price if it is left open in the contract?
market value of the good at time of delivery
What is the UCC definition for time of delivery if it is left open in the contract?
reasonable time frame
What is the UCC definition for place of delivery if it is left open in the contract?
seller's place of business
Which term cannot be left open in a contract to buy/sell goods?
quantity of the good
What is the objective theory of contracts and what is it used for?
- used to determine the intent of offeror and offeree
- actual intend is irrelevant, the perceived intend counts
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