René, an accountant, wrote to Kimball, a veterinarian: "I know you are interested in buying my old surfboard. I'll sell it to you for $200, and you have a week to accept." But three days later René changed his mind, and telephoned Kimball to that effect; Kimball said, "Hey, no way. I want that board. We have a contract. In fact, I'm on my way to your house right now." The parties have a contract.

Question

Quizplus · Accepted Answer

René's offer to sell the surfboard was revoked before Kimball accepted it. An offer can be revoked any time before acceptance, and since Kimball had not yet accepted the offer when René revoked it, no contract was formed.

René, an Accountant, Wrote to Kimball, a Veterinarian: "I Know