But assuming it’s not, here is the answer:

“The next day, Tuesday, Lenny received an email from Nicholas: ‘I will buy your Rolls-Royce for $100,000.’” This is the offer.

“On Wednesday, Lenny e-mailed back to Nicholas: ‘OK, it’s a deal.’” This is the acceptance.

The consideration is the $100k purchase price.

So far, so good, looks like we have a contract. But wait, there is a thing called the “Statute of Frauds” which requires that some contract have to be in writing in order to be enforceable and this is one of those cases. The car is a “good” and sales of good over $500 require “a writing.” The e-mail may be sufficient to serve as a writing because it was from the buyer to the seller.

Unless here is some kind of fraud with the bankruptcy and/or the tax, which would make the purpose of the contract illegal, it looks like they have a contract.

You may ask why Lenny’s initial e-mail to his friend was the not the contract. It’s because a contract has to contain “definite and certain terms.” Here, Lenny was merely thinking about selling:

“’you know the car – the Rolls that I took you for a ride in last year in Vegas – I know you love it – I was thinking I might take $100,000 for it.’”

Lenny was merely entertaining the idea of an offer.

An offer has to contain “definite and certain terms” which creates a “power of acceptance” in the offeree (Lenny), i.e. it gives the offeree the power to accept the offer.

Btw, the sale of goods are covered by the Uniform Commercial Code (UCC) which modifies the “common law” rule of contracts by making it easier to have enforceable contracts and additional terms.

In this case, Lenny’s original e-mail was not an offer but rather a statement soliciting an offer.

Nicholas’ e-mail on Tuesday (I will buy your Rolls-Royce for $100,000) was the offer.

Lenny’s e-mail on Wednesday (OK, it’s a deal) was the acceptance and it was effective the moment he e-mailed it. A contract was formed.

This was a simple contract. If it had other terms – such as “when the money will be paid or when the car can be picked up, etc.” – and both parties weren’t in complete agreement on those terms (did not have a “meeting of the minds”), then a contract would not have been formed.

Additionally, since this contract was for the sale of goods over $500, the contract had to be in writing and signed. (Not all contracts need be written or signed.)

Courts have ruled that an e-mail bearing the typed name of the party is sufficient to satisfy the “in writing and signed” requirement.

Some other types of contracts that must be in writing:
Contract of an Executor or Administrator (people who answer for a decedent)
Contract of Suretyship (where a person promises to answer for the debts of another)
Contracts in consideration of Marriage
Contracts related to an Interest in Land (does not include a real estate brokerage contract)

Do tell…