A Contract Is Between Two People
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I belive a contract is between two people. If Jennings made this offer and heard nothing back, has the right to sell his property to whomever he likes, no matter the time frame. This doesnt sound like any kind of contract or bill of sale, nor does it sound like it was any type of legal contract, let alone notarized. A price offer can be made at any time, but an actual sale takes more than a letter offering a price. I dont know where you are, but knowing the U.S. vehicle titling and transfer of property laws, this does not sound like a contract. Jennings was in the right to sell the vehicle.
By stating he had the car and that he would sell it to Wheeler at anytime before October 9th, he had made a firm offer. The definition of a firm offer is that when a merchant offeror gives assurances in signed writing (which happened here) that the offer will remain open. The merchants firm offer is irrevocable without the necessary without the necessity of consideration for the stated period or, if no definite period is stated, a reasonable period of time as long as neither period of time exceeds three months. Because assurances were made in writing, the contract was breached and Jennings is in fact liable for breach of contract in this situation.
Its important to remember that under REGULAR contract principles, an offer can be revoked anytime before acceptance. However, the UCC (Uniform Commercial Code) creates an exception for firm offers made by a merchant to buy, sell or lease goods. The car dealer is a merchant, therefore the breach of contract exists. I hope this helps since one answer was WAY off and the other one was too simple.