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contracts and auctions with options watch

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    Here is a hypothetical I am having a little trouble with, if anybody has any ideas would greatly appreciate it.

    If there is an auction that is advertised with clause providing that where the highest bid does not reach reserve the highest bidder will have an option to buy for the item for the reserve price for 3 hours.

    If the party is then approached after conclusion of auction and then states he no longer wants the item...is there a valid and enforceable contract if he then changes his mind again and says he does want to invoke the option?

    I had thought that whilst there may at the time of the auction be an intention to create legal relations between the offeror and the offeree this was then revoked by the party changing his mind shortly after the auction.

    I am aware that the advertisement and the auction are regarded as invitations to treat however am wondering where the consideration may come in here???
 
 
 

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