First Development Corporation of Kentucky (FDCK) sought to purchase a fifteen-acre parcel of riverfront property owned by Martin Marietta. On May 9, FDCK made an offer to purchase the property for $300,000, which it submitted to Coldwell Banker, Martin Marietta’s real estate agent. This offer was accompanied by an earnest money deposit evidenced by a $1,000 check payable to Coldwell Banker. The deposit was fully refundable if transfer of title to FDCK was not completed for any reason except FDCK’s failure to perform. After this offer expired without being accepted, FDCK asked Don Gilmour, Coldwell Banker’s account agent, to seek a counteroffer. In a letter to Gilmour, dated September 7, Martin Marietta agreed to sell the property for $550,000. The counteroffer stated it was to remain open for thirty days. Gilmour informed Pollitt, president of FDCK, of the counteroffer by telephone on September 7 and sent a copy of the letter to Pollitt, which was received on September 12. Within days of the expiration of FDCK’s original offer, Bill Harvey, president of Harmony Landing, a development company, initiated direct negotiations with Martin Marietta to purchase the riverfront parcel. These negotiations resulted in a contract being executed on September 21 or 22. During a September 21 phone call, Gilmour advised Pollitt of Harmony Landing’s interest in buying the property, but Pollitt remained noncommittal during the conversation. Later that day, Pollitt, along with his partner and engineer, visited the property and discussed various studies and arrived at a decision to accept the September 7 offer from Martin Marietta. However, Pollitt did not convey this acceptance to Gilmour. Rather, he consulted his attorneys regarding a contract to accept Martin Marietta’s offer. After consulting with his attorneys, Pollitt prepared an acceptance of Martin Marietta’s offer but did not put it in the mail. The next morning, Pollitt placed the acceptance in his office suite’s mail depository. However, after being informed by Gilmour that Martin Marietta had accepted Harmony Landing’s option on the river property, Pollitt retrieved the acceptance and personally delivered it to Gilmour at 4:15 P.M. The acceptance was returned to Pollitt and he subsequently initiated this action for temporary and permanent injunction and specific performance. The district court ruled that the $1,000 check, payable to and in the possession of Coldwell Banker during the period of this controversy was, by operation of law, converted into consideration for a thirty-day irrevocable option in favor of FDCK to purchase the riverfront property in accordance with the terms of Martin Marietta’s letter of September 7. Does a contract exist between Martin Marietta and FDCK?