40. On February 1, Dale made a written offer to sell an antique Duesenberg automobile to Maria, for $50,000. Maria is very interested in this car, but she has to make sure that she will have enough money available to pay for it. She writes back and asks Dale to hold his offer open for her until February 20, so she can sell some other assets to raise enough cash. Dale writes Maria and agrees to hold his offer open for Maria until February 20. On February 15, Shanehappens to see Dale's car at an antique car event. Shane offers Dale $75,000 for the car, to be paid on March 1, and Dale accepts her offer-they sign a short agreement.

On February 20, Maria comes by Dale's house with her $50,000, and says toDale: "I accept the offer you have been holding open for me, and here is my$50,000 to pay you for the car."

You are Dale's attorney, and Dale comes toyou for legal advice. Dale is not a merchant of automobiles. Does Dale have a contract with Maria? Does Dale have a contract with Shane?

a. Dale and Shane have a binding contract for $75,000, effective as of Feb 15.

b. Dale and Maria have a binding contract for $50,000, effective as of Feb 1,because of the "firm offer rule."

c. Dale and Maria have a binding contract for $50,000, effective as of Feb 20

d. Dale has no contracts with anyone.