Mr. Franksons owns a bookshop which specializes in acquiring and selling rare books. He sees and advertisement for a first edition copy of a book written by Mr. Kates. The advertisement, placed by Mr Miller, states that it was on offer for $1,100. Mr. Frankson phones Mr. Miller and offers to buy the book for $850. Mr Miller declines, but makes a verbal agreement not to sell the book to anyone else until Mr. Frankson phones him back in three days with a new offer. Is there a contract