Detailed Answer
(d) In order to have a contract, there must be both an
offer and an acceptance. Even though an acceptance can occur in
different ways, by speech, by writing, or by action, the actual acceptance
is a required element of a contract. Under the UCC
Sales Article, a binding contract may be present if the parties had
intended to form a contract even though certain elements of the
contract are missing. These open terms will be filled by specific
provisions of the UCC, including provisions for open price, open
delivery, or open quantity. Note that in the case of quantity,
output contracts, requirements contracts, and exclusive dealing’s
contracts are enforceable though the actual quantity may not be
known in advance.