John is looking for a car, one just like Pete owns. John looks up the value of the car on the Internet,?

Question

, and offers Pete the fair market value of the car. Pete hasn't been considering selling the car, and tells Pete no. After thinking about it for a couple days, Pete decides that he SHOULD sell his car, and calls John to tell him that he will accept the offer.

Has a contract been created?

Answer 1

No.  When John says no, that's the end of it.

Answer 2

Nope.

A contract is created when both sides agree to the terms.  An offer was made and rejected.  That ended that negotiation.  When Pete reconsidered, he made a new offer.  John has to accept the offer for it to be a deal.  But its still not a verbal contract until details are hammered out.

"I will give you $1000 for that" is not a contract.

"I would like to buy your car.  I will give you $1000 cash today, if you sign over the title, a bill of sale, and let me take it tonight."  Agreeing to THAT is a contract.

Answer 3

You meant that Pete tells John no, right? You say above that Pete told Pete no.

There is no contract, John made the offer and Pete declined, any chance for a verbal contract with that offer is done after Pete said no. After that, it's a clean slate (they start over), so Pete can't hold John to that offer after he has refused it. If Pete calls John and John agrees to the price, then there is a verbal contract, but not unless John says so.

Make sense?