Bob Smith, Larry Peterson, and Mark Chu were close friends. Their friendship had developed over their mutual love for vintage stereo equipment. On several occasions, Mark expressed his interest in a particular stereo receiver Bob owned, the classic Bakke Model 4400. Mark often told Bob that, if he ever wanted to sell the receiver, Mark would like to be considered first as the buyer.

Last Saturday morning, Bob and Larry were at Bob's house. During their conversation, Bob stated, "Larry, I know how much Mark loves my Bakke 4400 receiver, and I have too much stereo equipment in the house. I have decided that I will sell my Bakke 4400 to Mark for $200. It's worth at least $600, and it's the only Bakke receiver that I own, but I've decided that I need the space!"

Later that day, Mark appeared at Bob's house. Mark enthusiastically proclaimed, "Bob, Larry told me about your offer, and I will take the Bakke 4400 for $200. This istheclassic receiver as far as I am concerned, and I am forever grateful to you!"

Bob was perplexed. After his conversation with Larry on Saturday morning, he had decided to keep the Bakke 4400 and sell all of his other receivers. He knew that his next statement would test Mark's friendship: "Mark, I'm sorry, but I have decided not to sell the Bakke 4400. We can discuss selling any of my other receivers, but the Bakke is 'off-limits'." Mark's reply? "We have an agreement, Bob. You made me an offer, and I accepted your offer. Here is the $200. Where is the receiver?"

Is there a contract between Bob and Mark for the Bakke 4400? Why or why not?