DB offered to sell a cap for $10. Nate said, "I'll pay you $1." DB said OK.
A)There is a contract for the sale of the hat for $1.00.
B)There is no contract for the sale of the hat because nothing is in writing.
C)There is no contract because there was only an offer and acceptance
D)There is no contract because there is no consideration.

Question

DB offered to sell a cap for $10. Nate said, "I'll pay you $1." DB said OK.​
A)There is a contract for the sale of the hat for $1.00.
B)There is no contract for the sale of the hat because nothing is in writing.
C)There is no contract because there was only an offer and acceptance
D)There is no contract because there is no consideration.

Quizplus · Accepted Answer

There is a contract for the sale of the hat for $1.00 because DB offered to sell the hat for $10, Nate counter-offered with $1, and DB accepted Nate's offer, fulfilling the requirements for a valid contract: offer, acceptance, and consideration (the $1). Contracts for the sale of goods under a certain amount (typically under $500, but this can vary by jurisdiction) do not need to be in writing to be enforceable.

DB Offered to Sell a Cap for $10