3. Dennis and Carmen entered into a contract under which he agreed that, in one week's time, he would pay $10 000in exchange for her motorcycle. Three days later, how- ever, he contacted her and said, "Look, as it turns out, my financial situation isn't as strong as I thought it was. I wonder if you'd be willing to just call off our agreement?" She replied, "Fine. You keep the money and I'll keep the motorcycle." After considering the matter further, how- ever, Carmen called him back and said that she wanted the contract to be performed as initially planned. Dennis refuses to comply. In fact, he insists that the contract no longer exists. Is Dennis correct? If the parties' contract did come to an end, explain the process that was used to achieve that result.