A Jet Fighter from Pepsi?

A 1995 Pepsico promotion offered merchandise in exchange for points earned by buying Pepsi-Cola. The television ad showed a teenager modeling some of the available merchandise. A Pepsi T-shirt was displayed for 75 points and a leather jacket for 1450 points. At the end of the ad, a U.S. Marine Corps Harrier jump jet landed outside a school, and from the cockpit, the boy said, Sure beats the bus. The ad then stated that the jet was 7 million points. John D. R. Leonard, at the time a 21-year-old business student in Seattle, Washington, joined five investors in writing a check to Pepsi for $700,008.50 and demanded the 7 million Pepsi points. Pepsi returned the check and said it had no intention of giving Leonard the $24 million jet. Leonard sued.

Required:

Outlining the facts, issue, rule, analysis, and conclusion of the case (see notes on the IRAC method). Include in your analysis the applicable elements of a contract discussed throughout the chapter.