A offered to sell a painting to B for $1500.B replied she was only willing to pay $700.When A refused her offer B said she would accept his original offer.A is not legally bound to enter into a contract with B because:

Question

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B's counter-offer of $700 operates as a rejection of A's initial offer of $1500. Therefore, A's offer has lapsed, and B's subsequent acceptance of the initial offer does not create a binding contract.

A Offered to Sell a Painting to B for $1500