On October 1st, Drake visited Sundance Bicycle Shop ("Sundance"). Drake spotted a used high-end bike he liked and was told by the owner of Sundance that he could have the bike for $500 cash. Since Drake needed a few days to get the money, Drake got a written statement signed by the owner of Sundance that Drake could buy the bike for $500 at any time on or before October 15th. On October 10th Drake went back to Sundance Bicycle Shop with the money, but the bike had been sold to another customer. Was the Sundance Bicycle Shop under any obligation to Drake to keep this offer open until October 15th? Give legal reasoning for your answer.