DB offered to sell a cap for $10. Dan said no to the offer. After checking on eBay, and learning that the hat was worth $100, he called DB, said he changed his mind and he would buy the hat for $10.
A)There is a contract for the sale of the hat for $10.
B)There is only an offer by Dan for the purchase of the hat for $10.
C)There is no contract because Dan revoked the offer.
D)There is no contract because DB revoked the offer.

Question

DB offered to sell a cap for $10. Dan said no to the offer. After checking on eBay, and learning that the hat was worth $100, he called DB, said he changed his mind and he would buy the hat for $10.​
A)There is a contract for the sale of the hat for $10.
B)There is only an offer by Dan for the purchase of the hat for $10.
C)There is no contract because Dan revoked the offer.
D)There is no contract because DB revoked the offer.

Quizplus · Accepted Answer

Initially, DB offered to sell the hat for $10, which Dan declined. When Dan later decided he wanted to buy the hat for $10 after discovering its value, his action constituted a new offer to DB rather than forming a contract. DB's original offer was terminated when Dan initially declined it, so any subsequent agreement would require acceptance by DB of Dan's new offer.

DB Offered to Sell a Cap for $10