Problem
On July 1, 2005, Ola offered by mail to sell an antique Rolls-Royce automobile to Devashis for $150,000. On July 5, 2005, Devashis accepted Ola's offer by letter, subject to obtaining financing from the bank. Ola received this letter on July 7, 2005. On July 12, 2005, not having heard anything further from Devashis, Ola sold the Rolls-Royce to Condoleeza for $175,000. Later on the same day, Ola telephoned Devashis and informed him that he had sold the car to Condoleeza. In reply, Devashis stated, "That's too bad because I have arranged for the financing and you will have to get the car back from Condoleeza."
1) Is there an enforceable contract between Ola and Devashis for the purchase and sale of the Rolls-Royce? Explain.
2) Assumming that there is an enforceable contract between Ola and Devashis. Will Devashis be entitled to an order of specific performance? Explain.