Case:

Alan and Peter have been negotiating for some time over the lease of a unit owned by Alan ("the unit"). The unit is a commercial property and is situated on land also owned by Alan.

Ultimately, they agree on the following: the amount of the initial monthly rent; that Peter would be responsible for all the rates, taxes and variable outgoings including utilities; and the duration of the lease.

They also agree that the rent is to be reviewed at the end of each year. Also, that Alan would grant Peter an option of renewal of the lease for a period of a further 5 years.

They acknowledge that a lease of this type will be messy and complicated. [TA1]The parties agree orally that the lease would be on terms drafted by Alan's solicitor and on terms that he (solicitor) would find acceptable, alternatively on such terms as are mutually agreeable to the parties.

Question: Did a binding agreement come into existence? The question wants me to focus only on aspects of "incompleteness and uncertainty". Lecturer has asked to use IRAC format.