Elmer wrote a letter to his friend, Fred, offering to sell him 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. Which of the following is true?
a. Elmer must keep the offer open, because this is an option contract.
b. Elmer is stopped from revoking his offer to Fred.
c. Elmer has made a firm offer to Fred which cannot be revoked.
d. Elmer can revoke his offer at anytime, because there is no consideration to keep it open.
d
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