Bill, a college student, stops to shop at a local “yard sale…
Bill, a college student, stops to shop at a local “yard sale” and sees a very nice mountain bike priced at $600. Needing a cheap form of transportation, Bill begins negotiating with the bike’s owner, Steve. After a few minutes of bargaining, Steve agrees to sell the bike to Bill for $520. They shake hands, and Bill leaves the yard sale, promising to return with his checkbook. Bill never returns. Steve sues Bill in small claims court for breach of contract. Did Steve and Bill have an enforceable contract? When answering this question, address each contract element and provide appropriate analysis.