8:321 94 E Q AA R . . . 6. Purcell was in failing health and ad- vertised to sell his retail computing equipment business. Quentin was familiar with Purcell's business oper- ations; he sent Purcell a detailed offer to buy for $450 000, paying $75 000 as a cash down payment, with the balance payable in instal- ments over two years. Purcell promptly sent an email to Quentin stating: "The price and all the other terms seem fair, except that I need substantially more cash by way of down payment-say, $125 000. Tell me how high you are willing to go." Quentin replied by email, "There is no way I can increase the cash pay- ment." Purcell replied the next day, "Okay. I've thought about it, and given the state of my health, I have decided to accept your offer." By then, Quentin had heard that the business had suffered because of Purcell's declin ing health, and he refused to go W 142 / 8178:32 94 E Q AA R . . . OTTO to buy TOT you, paymy $75 000 as a cash down payment, with the balance payable in instal- ments over two years. Purcell promptly sent an email to Quentin stating: "The price and all the other terms seem fair, except that I need substantially more cash by way of down payment-say, $125 000. Tell me how high you are willing to go." Quentin replied by email, "There is no way I can increase the cash pay- ment." Purcell replied the next day, "Okay. I've thought about it, and given the state of my health, I have decided to accept your offer." By then, Quentin had heard that the business had suffered because of Purcell's declin ing health, and he refused to go through with the purchase. He as- serted that since Purcell had refused his offer, there was no deal. Is Quentin right? Has Purcell any basis for claiming there is a binding contract with Quentin? 143 / 817