DanandColinaregoodfriends.DanheardthatColinwaskeentobuyhis car. Dan telephoned Colin and said, "I hear you want to buy my Honda. You can have it for $3,000. I'll give you a week to make up yourmind".

The next day Dan met another friend Ed and after some discussion Dan soldEd theHondacarfor$3,500.TwodayslaterColinheardfromamutualfriendPat that Dan had already sold the car. Colin immediately rang Dan to acceptthe Honda for$3,000.

Required:

Does Colin have a concluded contract with Dan? Would your answer be different if Colin had given Dan $50 to keep the offeropen?