Flashcards Studio

A seller mailed a signed offer to sell a painting to a buyer for $30,000, stating, "You may accept by mail." The buyer received the offer on Monday. On Tuesday morning, the buyer mailed a rejection. On Tuesday afternoon, after reconsidering, the buyer mailed an acceptance. The seller received the acceptance on Wednesday and the rejection on Thursday. Before receiving either letter, the seller sold the painting to someone else and emailed the buyer that the offer was revoked.
In a separate deal, the seller gave another buyer a paid 10-day option to buy a sculpture, stating that acceptance would be effective only when received. The buyer mailed an acceptance on day 10, but the seller received it on day 11.
Analyze whether contracts were formed for the painting and the sculpture.