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Sally Seller owns an office building and is interested in selling the office building. Bob Buyer and Sally Seller meet and Bob Buyer offers to pay Sally Seller $10 million for the building. Sally Seller responds, "That is great price and I would like to do that deal". Sally Seller then goes home and thinks about it and decides that the office building is actually worth $12 million. So, Sally Seller calls Bob Buyer and says that she will sell for $12 million. Bob Buyer claims that Sally Seller has reneged and that Sally Seller must sell him the office building for $10 million.
1. Does Bob Buyer have a binding agreement to force Sally Seller to sell the office building for $10 million?
2. Same scenario, except rather than meeting, Bob Buyer sends over a letter of intent signed by him, and the letter of intent simply says: "Sally Seller agrees to sell the office building located at 17 Cherry Tree Lane, Sugar Plum, Colorado, to Bob Buyer for $10 million, on December 31, 2022." Sally Seller signs, but then thinks about it and calls Bob Buyer and says that she wants to sell for $12 million. Does Bob Buyer have a binding agreement to force Sally Seller to sell at $10 million?
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