Facts:Bikesmith, a local cycling shop, advertised a model year closeout sale. The advertisement indicated the "early shopper" would "reap the savings" on all of last year's Linder bikes. The advertisement stated bikes that were normally $1,800 would be sold for $800. Jack, an avid cyclist and amateur racer, arrived at Bikesmith an hour after they opened on the day of the sale to find all of the Linder bikes had been sold. He complained to the bike shop owner that it was obligated to sell him a similar bike at a similar discount. The owner declined, and Jack filed an action in small claims court for breach of contract.

Rule of Law:A valid contract requires an offer, acceptance, and consideration. In the state where Jack lives, an advertisement is only an invitation to enter into negotiations, and is not an offer.

Assignment:The researcher's assignment is to determine if the Bikesmith advertisement constitutes a contract. Discuss the assignment from the perspective of individual key facts.