On May 1st, Alpha Oil Company sends an electronic offer via the "cloud" to Zeno Refining Co. as follows: "Offer to sell 10,000 barrels of crude oil at $85 per barrel, will hold the offer open until July 1st." On July 2nd Zeno responds with an acceptance to Alpha. But by the time of Zeno's response, the market price of crude oil has risen to $98 per barrel. Alpha says no contract, and Zeno threatens to sue. What result?

Alpha will win because there was no valid contract.

Explanation:

Alpha made a firm offer to Zeno, but the offer clearly stated that it was valid until July 1st and Zeno didn't accept the offer. Time limits matter, and Zeno didn't accept during the valid time limit. Zeno's acceptance can be considered a counteroffer but Alpha can decide to take it or not. Since Alpha didn't consider it a good offer then it can reject it. An offer does not constitute a contract, it must be accepted in order for a contract to exist and be enforceable.

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