Chapter 14 Hypothetical Case 1 Alex Hollington frequently stops by during economics professor Perry Conaway's office hours to discuss the latest lecture or homework assignment, or to just shoot the breeze. While chatting, Conaway mentions that he needs to do some spring cleaning and that his well-worn 1997 Volvo is for sale. Conaway has a late-model, "pre-loved" Porsche in mind as a replacement for his old Swedish tank. He tells Hollington that he will offer him the Volvo for $400. Hollington responds, "Let me think about it." . The spring semester goes by, and summer transpires as well. At the beginning of the new academic year, Hollington stops by his favorite professor's office and says, "Professor Conaway, I have decided to buy your Volvo for $400."Conaway responds, "Alex, with state budget cuts in place and the resulting freeze on my salary, I have decided to keep my old Volvo. I am truly sorry, but I cannot sell it to you." Is Professor Conaway legally obligated to sell Hollington his 1997 Volvo? Why or why not