Elmer wrote a letter to his friend Fred offering to sell Fred an 80-acre farm for $200,000.After mailing the letter, Elmer learns that the farm is actually worth $300,000 and changes his mind about selling.Elmer:

Question

Quizplus · Accepted Answer

In this scenario, Elmer has made a preliminary offer to Fred, but he has not received any acceptance or consideration from Fred. Therefore, Elmer can revoke his offer at any time before Fred accepts it. The absence of consideration means that there is no legally binding agreement between Elmer and Fred. Consequently, Elmer is not obligated to sell the farm at the initial price quoted.

Elmer Wrote a Letter to His Friend Fred Offering to Sell