Sue Sandon and Joe Rhine concluded their agreement in all substantial matters of their contract for goods,such as price,quantity,and mode of delivery.But the formal written agreement has not been signed yet.Is there a binding contract at present?

A) Yes,because an oral contract should suffice.
B) Yes,because a contract is formed at the time the agreement is concluded.
C) No,because the minor terms also need to be taken care of.
D) No,because the agreement is not yet signed and thus,legally unenforceable.

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Grace Stephenson · Accepted Answer

Final Answer : B, Explanation :  If it appears that the parties had concluded their negotiations and reached agreement on all the essential aspects of the transaction,most courts would probably find a contract at the time agreement was reached,even though no formal agreement had been signed.

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