Did Peters and Adams Enter into an enforceable contract?
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Adams, the owner of a tool company, and his friend Bennett Enter a bar frequented by local businessmen. Peters, a local businessman who recently lost a lot of money in the stock market, is standing on the other side of the room. Adams says to Bennett, “Let’s have some fun.” Both men walk over to Peters where Adams says in a loud voice “I’ll sell you my entire tool inventory for $500,000.” Adams knows the inventory is worth twice that amount, but knows there is no way peters can accept. Adams hopes to embarrass Peters by forcing him to refuse the ridiculously low offer in the crowded bar. Peters says, “I accept.”
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