Answer:
They don't have a contract because, Although they attempted to accept the original offer within the 10 day period, they originally made a counteroffer which means that they both denied the originally offer and made an opposing offer at once. R&R cannot simply change their mind because they found out that another company offered to do it for less. Whether or not they still have a contract is entirely in Petroleum's hands. This was more of an inquiry than a rejection. However, the option contract was not supported by consideration and so revocable at will.
Explanation:
Watchful waiting <span>is a tactic that deliberately permits an attack to continue while the entire event is observed and additional evidence is collected.
Watchful waiting is used commonly in medical practice where a team is allowed to wait a set time before intervention is used. During this time there is testing and continuous watching/monitoring done on the patient. </span>
You can expect them to bring their promises to fruition
In a pure competition market, all products that being sold in that market is EXACTLY the same. None is worse and none is better.
In that condition, Buyers will make their decision based on price ( since all product's quality is possible)
That's why producers should sell where p=MC, which mean they should sell in the lowest price possible to be able to compete with other competitors