On September 1, 2020, Mark Stanley, the owner of a sporting goods store in Queens, N.Y., saw the following in a magazine: It was a sale of Extension Athletic Wear by Flom, Inc. It stated: "final sale -- all items have -- prices drop 40%. Upon reading this, Stanley telephoned Stefan Speel, the owner of Flom, Inc., which is a distributor of athletic warm-up suits. Stanley said "I offer to buy 1000 pairs of Extension Athletic Wear warm-up suits for my store for $10,000. Acceptance to be received at my office by September 8." Flom replied, in a telephone conversation, "I am considering your offer, but I think the price is low. Would you consider a sales price of $12,000?" After a few seconds, Stanley said "No, sorry. $10,000 is the offering price.Speel then said he would get back to Stanley within the next 24 hours.

On September 7, Speel sent a response by certified letter that stated: "I agree to your offer and will sell you the 1000 pairs of Extension Athletic Wear for $10,000." At the end of the business day on September 8, Stanley telephoned Flom and told him, that the "deal was off." Flom's letter accepting the offer was received by Stanley on September 9th.

The 1,000 pairs of Extension Athletic Wear were shipped, but upon seeing the goods, Stanley refused to accept the goods and send them back, claiming that the terms of his acceptance were not fulfilled. Speel claimed that no contract was made. Stanley bought 1000 pairs of Extension Athletic Wear from another distributor.

Flom subsequently commenced a lawsuit to recover money damages for breach of contract.

1. Was Stanley's offer revoked when Speel said "Would you consider a sales price of $12,000?" Why or why not? Explain.
2. Was the offer revoked by the telephone conversation of September 8th? Why or why not? Explain.
3. Assuming the offer of September 1st was not revoked and is still valid, was a contract created? Explain.
4. Let's change the facts. Let's say that Stanley's offer on September 1 stated: "You (Flom) have until September 10th to accept . . . and the offer is not revocable for 10 days." The offer is then revoked by Stanley on September 4th by letter, which is received the next day. On September 6th, Flom telephones his acceptance to Stanley. Has an agreement been made or has the offer been revoked? Explain.