On February $21,1990,$ Stateville College President Ehrlich sent a letter to Vice President Dan Quayle asking Quayle to speak at Statesville's commencement on the topic $"$Do Brains and Politics Mix?" On February $24,1990,$ Quayle replied in a telegram that he would speak only for a $$50,000$ speaking fee. On February $25,1990,$ Ehrlich heard Quayle say something stupid on the morning news and sent a telegram to Quayle which said "I revoke my offer." Ten minutes later, Ehrlich received Quayle's telegram, but five minutes after that Quayle called and said, "I've changed my mind; I accept your offer and I$\text{'}$d be glad to speak for free." Which is a FALSE statement about this mess?

Question $51$ options:

$1)$

Quayle's telegram was a counteroffer which terminated Ehrlich's offer.

$2)$

Even if Quayle had phoned and tried to accept before Ehrlich had received his telegram, no contract would have been created because Quayle's counteroffer terminated Ehrlich's offer when the counteroffer was dispatched on February $24.$

$3)$

If Ehrlich had received Quayle's call before he received Quayle's telegram, he would have been bound to a contract with Quayle despite his attempt to revoke because his revocation would have only been effective when received by Quayle.

$4)$

Under these circumstances, Ehrlich had the right to revoke his offer at any time before Quayle accepted it$.$