Cengage Advantage Books: Fundamentals of Business Law 9th Edition by Roger LeRoy Miller

Exercise 7

Contract Classification. Jay's Flying Advertising, LLC, contracted with Big Bob's Burger restaurant to fly an advertisement above the Connecticut beaches. The advertisement offered $5,000 to any person who could swim from the Connecticut beaches to Long Island across the Long Island Sound in less than a day. Frank Dimitri saw the streamer and accepted the challenge. He started his marathon swim that same day at 10 A.M. After he had been swimming for four hours and was about halfway across the sound, Dimitri saw another plane pulling a streamer that read, "Big Bob's Burger revokes." Is there a contract between Dimitri and Big Bob's? If there is a contract, what type (types) of contract is (are) formed?