Peter was in the market for a new boat to use at his lake house.He attends the local boat show with his neighbor Sean.He sees a Formula 270 Bowrider boat that would be perfect for cruising around the lake and wouldfitLinks to an external site.

on his dock.The salesperson quotes Peter $38,500 for the boat, but is willing to go down to $35,750 if he closes the deal today.Peter needs to think about it and tells the salesperson he will be back in an hour.Peter and Sean walk away and look at other boats.Sean asks Peter if he would get the boat since it was at a good price.Peter responds that he is not sure... "it's a big purchase and he is not ready to commit yet."Sean decides that if Peter is not willing to buy it, he would.An hour later Sean comes back to the salesperson and tells the salesperson that he will buy the boat at the same price he offered it to Peter ($35,750).Has a contract been formed between the salesperson and Sean for the Formula 270 Bowrider? Explain your answer.