Hey guys if you could help me out with this question i would appreciate it because i cant find the answer online because i dont know what to search to find it. Here is the example:
Mortimer wished to sell his antique gold watch. He therefore sent his chauffeur with a note to Randolf offering to sell him the watch for £50,000 and that Randolf should give the chauffeur his reply. Randolf was unsure, so he sent the chauffeur back without an answer. After one hour, Randolf posted his letter of acceptance.
The question is, has a valid contract come into existence? I am unsure because the offer did not include a time period; he just asked for the answer to be given to the chauffeur. If he gives no answer, is that refusing the offer? How long would the offer be open for, if no answer is not a refusal?