Smith and Roberson's Business Law 16th Edition by Richard Mann,Barry Roberts

Exercise 11

On May 20, cattle rancher Oliver visited his neighbor Southworth, telling him, "I know you're interested in buying the land I'm selling." Southworth replied, "Yes, I do want to buy that land, especially as it adjoins my property." Although the two men did not discuss the price, Oliver told Southworth he would determine the value of the property and send that information to him, so that Southworth would have "notice" of what Oliver "wanted for the land." On June 13, Southworth called Oliver to ask if he still planned to sell the land. Oliver answered, "Yes, and I should have the value of the land determined soon." On June 17, Oliver sent a letter to Southworth listing a price quotation of $324,000.
Southworth then responded to Oliver by letter on June 21, stating that he accepted Oliver's offer. However, on June 24 Oliver wrote back to Southworth, saying, "There has never been a firm offer to sell, and there is no enforceable contract between us." Oliver maintains that a price quotation alone is not an offer. Southworth claims a valid contract has been made. Who wins? Discuss.