Under both Article 2 and the common law, if parties intend to enter into a binding agreement, but are unable to agree to all major terms, a contract will be formed with the missing terms supplied by the parties at a later date or reasonable terms will be imposed by the court if necessary.

Question

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Under both Article 2 of the Uniform Commercial Code (UCC) and common law, if parties intend to enter into a binding agreement but are unable to agree on all major terms, no contract is formed until the essential terms are determined. The court may imply reasonable terms for certain missing elements under UCC Article 2 if there is a clear intent to contract and a basis for determining a remedy, but this does not mean a contract exists with all major terms undecided.

Under Both Article 2 and the Common Law, If Parties