The Camelot Army/Navy Store puts the following ad in a local newspaper: "Sale - Saturday only - singing sword, Excalibur. Was $500, now only $24. First come, first sered. Will open at 10a.m." Arthur King sees the ad, camps out in front of Camelot Friday night, and is the first one there on Saturday morning. He says, "I accept your offer for Excalibur. here's my $24." Is there a binding agreement?
Yes. Camelot's offer was specific as to quantity, price, stated to whom the offer was made (first come), and was, in general, worded as a promise. As such, it created an immediate power of acceptance in Arthur King, and when he accepted, a contract was formed.