Question

Collins runs a second-hand shop and offers to sell to Phillip a 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

Answer:

The answer is a valid contract as long as the court can determine a reasonable price at the time for delivery.

Explanation:

A contract has six important elements so that it will be valid which is offer, acceptance, consideration, intention to create legal relation, certainty and capacity.