Pecco was aware that Enio was set to expand his motorcycle engineering firm and focus on motorsport engineering services to his expanding Australian Superbike Championship clientele. As a result, he was keen to sell some old equipment that would no longer be needed. He called Enio and asked how much he would you let his carbon fibre spinning machine go for. This machine is used during Carbon Fibre manufacture.

Enio replied that he would likely need to buy a bigger machine that would be suitable for larger scale operations but the lowest he would accept for the old spinning machine would be $$27000.$ Pecco knows this is a good price and told Enio that he has a deal and he would arrange collection of the machine on Monday. Enio has now reconsidered because his initial cost estimates to refit his workshop are considerably higher than originally estimated. He now also thinks he can get much more for the machine and does not wish to sell to Pecco.

Question: Using the four$-$step process discuss whether the contract element of agreement $($offer and acceptance$)$ has been satisfied in the scenario.