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. The controversial decision of the House of Lords in May and Butcher v. The King [1934] 2 KB 17n has come under severe criticism for not living up to the demands of modern commercial practice.  Why?

It ignores the wider commercial reality that parties regularly conclude agreements before all issues have been conclusively determined. correct incorrect

It rules out the possibility of the courts determining the content of vague commercial agreements with the result that this task is left to arbitrators. correct incorrect

It undermines commercial certainty by denying a contract's existence despite evidence that both parties intended to contract. correct incorrect

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. In which of the following circumstances is a court least likely to find an agreement too vague or uncertain to be enforced?

Where the agreed mechanism for settling the uncertainty fails to provide a clear answer or is based on further agreement between the parties. correct incorrect

Where the uncertainty is over a term in the agreement which is not clearly severable from the rest of the contract. correct incorrect

Where the machinery in place to regulate such uncertainty and the method recorded for reaching agreement constitute essential terms of the contract. correct incorrect

Where the uncertainty occurs in the context of a transaction that has already been executed. correct incorrect

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