Parties are negotiating by mail to buy car

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Reference no: EM131438260

Suppose the parties are negotiating by mail to buy a car. The seller--the offeror--mails an offer to sell to the buyer. The buyer mails his acceptance. But it takes 10 days for the acceptance to reach the buyer. In the meantime, the seller has changed her mind, and has mailed a revocation of the offer. The revocation reaches the buyer after the acceptance reaches the seller. Here is the time sequence:

In the case under consideration:

January 1, offer sent by mail (by placing this offer in the mailbox with appropriate postage, it is considered as a valid offer)

January 5 offer received

January 10 acceptance sent by mail

January 15 revocation sent by mail

January 20 acceptance received

Question: Is there a contract? Use the terms from the chapter to perform a full analysis.

Reference no: EM131438260

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