On September 27, Summers sent Fox a letter offering to sell Fox a vacation home for $150,000. On October 2, Fox replied by mail agreeing to buy the home for $145,000. Summers did not reply to Fox. Do Fox and Summers have a binding contract?

a. No, because Fox failed to sign and return Summers’s letter

b. No, because Fox’s letter was a counteroffer

c. Yes, because Summers’s offer was validly accepted

d. Yes, because Summers’s silence is an implied acceptance of Fox’s letter (Law,

#2, 0462)

Appendix