Ed, a businessperson, is a friend of Fran, the owner of a Percolated Coffee & Baked Goods store. Every day, Ed spends five minutes in Fran's store, looking at the goods and usually buying one or two cinnamon buns or bagels. One afternoon, Ed goes into
the store, looks at the items, and picks up a $1 chocolate brownie. Ed waves the brownie at Fran without saying a word and walks out. Is there a con-tract? If so, how would it be classified in terms of formation, perform-ance, and enforceability?
The objective theory of contracts is the standard to determine whether the parties have a contract. Under this standard, if a rea-sonable person would have thought that the offeree (Cody) ac-cepted a legitimate of-fer by the offeror (Dora) when the offeree signed and re-turned the letter, a con-tract was made, and both parties are bound. This assessment is de-ter-mined in part by what was said in the letter (did the letter constitute a valid of-fer?) and what was said in response (did the response constitute a valid accep-tance?). Under any circumstances, the issue is not whether ei-ther party subjectively believed that they did, or did not, have a contract.?
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