Which of the following is true when a dispute arises regarding whether a contract exists when one of the parties claims that no contract was intended before a contract was signed?

Multiple Choice

There is a contract unless both parties are merchants in which case there is no contract.

There is no contract unless the only term left out is time of delivery on the part of the offeror.

There is no contract.

Whether there is a contract depends on the intent of the parties using an objective test.