Things to remember Option contracts are effective upon receipt not upon dispatch If the offeree gives the offeror something of value he can create and option contract. This gives the offeree the freedom to keep the contract open. Generally there is not duty to give notice if the information can be passed on to the offeror reasonably; but if it cannot then notice is required in a reasonable time. Letters of intent can be binding contracts if the parties meant for them to be. The more they put in the more likely they are to be enforceable. A mutual agreement that parties will put in writing can be enforceable before the writing if the parties intended it to be bound. If an offeree in a unilateral contract begins to perform the contract is temporarily irrevocable. A quote can be an offer if it mentions the number of units. Do not forget to check to see if the consideration is equitable. Under the UCC 2-202 Parol evidence may not come in that contradicts anything if it is a final writing. Even if it is a complete writing, it may be explained or supplemented by course of dealing, usage, trade. CISG a. An offer is accepted when it reaches the offeror b. An offeror may not revoke his offer once dispatched c. Additional terms become part of the contract unless they materially alter it. Make sure when you think about output contract or requirement contracts there is a implied best efforts basis.