Question

Collins offers to sell to Phillip a hand-carved chest of drawers worth more than $2,500. Phillip agrees to buy the chest and signs a contract for the purchase. The price of the chest, however, is left out of the contract. Collins and Phillip have:

Answer 1

A valid contract s long as the court can determining a reasonable price at the time for delivery

Step-by-step explanation:

Under certain conditions, the uniform commercial code (UCC) allows that a contract may not include every single detail. Generally when price is not included, the normal or market price of the goods are used to determine the price of the contract. The fact that this contract is in writing and signed by both parties will make it binding if the market price of the chest of drawers can be determined by an appraiser.

It might sound complicated, but actually you can find experts that can appraise almost anything, the cost of doing so might not be cheap though. Generally contracts between merchants (traders either individual or firms) are not required to be either signed or include a specific price, so UCC rules can be very flexible. The key is determining the fair market value.

Answer 2

b. a valid contract as long as the court can determine a reasonable price at the time for deliver

Step-by-step explanation:

Collins and Phillip have valid contract as long as the court can determine a reasonable price at the time for deliver meaning despite the price of the chest was left out of the contract by Collins which worth more than $2,500, the contract between both of them remained valid in as much as the court can vividly determine a reasonable price for it, in such a way that it is been fair to both parties involved in the contract and the amount has already been based upon the agreed conditions and timeliness of contract performance.