Business Law 4th Edition by David Twomey,Marianne Jennings

Exercise 10

Buster Cogdill, a real estate developer, made an offer to the Bank of Benton to have the bank provide construction financing for the development of an outlet mall, with funds to be provided at prime rate plus two percentage points. The bank's president Julio Plunkett thanked Buster for the proposal and said, "I will start the paperwork." Did Cogdill have a contract with the Bank of Benton? [Bank of Benton v Cogdill, 454 NE2d 1120 (Ill App)]