On March 1, a farmer offered to sell his farmland to a real…
On March 1, a farmer offered to sell his farmland to a real estate developer for $500,000. The real estate developer paid the farmer $5,000 to hold the offer open for a period of 30 days. On March 10, the real estate developer wrote to the farmer, telling him that he could not pay more than $450,000 for the farmland, and that if he would not agree to accept that amount, he would not go through with the deal. The real estate developer received no reply from the farmer. On March 29, the real estate developer mailed a letter to the farmer telling him that he accepted his offer to sell the farmland and enclosed a check for $500,000. The farmer received this letter on April 1. Has a contract been formed between the parties for the sale of the farmland?