(b) That's right. On these facts there is not yet sufficient agreement between A and B for there to be a contract. The parties have not yet agreed on the essential terms of their transaction. A contract comes into existence only when the parties have agreed on:

(1) everything necessary to make the transaction workable; and

(2) any further matter that either party has indicated must be negotiated.

In a contract of sale, the agreement is only workable if the thing sold is identified and a price of money is agreed. These are the essential terms of every contract of sale. Because A and B have not agreed on the price of the car, it is best to say that this transaction is still in the pre-contractual or negotiation stage.

Similarly, an ‘agreement to agree’ on the terms of a contract at some future time is not a sufficiently complete agreement to be enforceable.