Review the case of quality oil company

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Question: Quality Oil Co. sent a letter to Pee Dee Oil Co. saying, "We propose to purchase your Shell contract for $75,000.00 and the Fastway station for $140,000.00 [W]e would pay you a reasonable market value for the equipment located at the Rockingham Self Service and Holiday Shell. We would assume the leases on these locations. Please contact us as soon as you have made your decision on our proposal." Quality prepared a written contract, which Pee Dee signed and returned to Quality. Four months later, Quality had not signed the contract and Pee Dee had to sell some of the assets at a loss. When Pee Dee sued for breach of contract, Quality said the contract was not binding because Quality had not signed it. Was there an enforceable contract?

Reference no: EM131471875

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