Jim having had no luck selling his Rolex watch in the previous question, decides to put his watch up for auction. At the auction, Mark is the highest bidder with a price of $1,500. Jim thinks the watch is worth much more than $1,500 and refuses to sell it to Mark. Is there a valid contract?

Group of answer choices

Yes. Mark accepted Jim's offer to sell the watch at the price determined at auction

No. Mark's winning bid is an offer to buy the watch which Jim may accept or reject

No. Any contract would need to be in writing since the watch is worth more than $500

Yes. Unless the price is unconscionable