Question:
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.