For almost a whole week, Stephen and Reed negotiated the sale of Reed's car from Reed to Stephen. Finally, in the presence of witnesses, Reed said, "All right. I'll sell you my motorcycle for $5,000." Stephen knew that Reed loved his motorcycle and would never sell it. But when Reed said motorcycle, Stephen quickly accepted, planning to buy the motorcycle. Both the car and the motorcycle are worth about $5,000 each. Do Stephen and Reed have a contract here? If so, is it for a car or a motorcycle?

Answer rating: 100% (QA)

Yes Stephen and Reed have a contract in this situation However there is a potential issue of ambigui... View the full answer