Stevie, John, and Roland own the Rosebud Motel, a roadside motel. They have decided to expand their interests and purchase, renovate, and manage additional roadside motels.

Stevie, John, and Roland have decided that they will call their company Rosebud Enterprises. They all plan to participate in the management of the business. Because they expect losses for the first several years, they would like to have flexibility in taxation. Also, Stevie, John, and Roland do not want to lose any of their personal assets should the business fail.

Stevie, John, and Roland located a roadside motel for sale in Lawrence, Kansas, called the Jayhawk Motel, owned by a sole proprietor, Forrest Allen. Mr. Allen as the owner of the Jayhawk Motel offered to sell the motel to Stevie, John, and Roland for $100,000. Stevie, John, and Roland expressed a sincere interest in the property. However, they had to make arrangements to obtain the financing. Mr. Allen told Stevie, John, and Roland that they had 10 days to accept his offer. Mr. Allen did not put his offer to hold the offer open for 10 days in writing. Stevie, John, and Roland immediately began to work on obtaining financing to purchase the Jayhawk Motel.

The next day, Ted, a veterinarian, discovered that the Jayhawk Motel was for sale. He thought that it would be the perfect location for his veterinarian clinic, doggy daycare, and dog boarding facility. He met with Mr. Allen and offered $150,000 in cash to purchase the real property. Ted and Mr. Allen entered into a written contract, Ted paid Mr. Allen $150,000, and Mr. Allen provided the deed to the property to Ted.

Five days after Mr. Allen offered to sell the Jayhawk Motel to Stevie, John, and Roland, they returned with cash in hand. Mr. Allen informed Stevie, John, and Roland that he had already sold the property to Ted.

Stevie, John, and Roland filed suit against Mr. Allen claiming a breach of contract.

Question

1. Will the court find that there is a valid contract between Stevie, John, and Roland, and Mr. Allen? Why or why not? Be sure to identify and explain each element to a valid contract.