Penny found a billfold on a city street; looked inside to determine its owner and returned it to its true owner, Richard. A few days later she found out that Richard had offered a reward in the amount of $100 for the return of the billfold. She asks Richard for the reward money, but he refuses. Is Penny entitled to the reward, and why or why not?
Penny is not entitled to the reward. The reason is that in order to establish the existence of a contract, the offeror must have communicated the offer to the offeree prior to the offeree's performance.
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