Gus Vincent sent invitations to a number of potential buyers to submit bids for the mineral rights to his 2,000-acre parcel in upstate New York on the outskirts of the City of Hudson. Seven bids were received, including the highest bid from International Mining and Cement Company, LTD. (IMC). Vincent then decided to hold onto the land for a few more years and never responded to any of the bidders. IMC claimed that a contract had been formed by submission of its winning bid and sued Vincent for breach of contract. Did a contract exist?