Lemon wrote Martin a letter offering to sell Martin a ranch for $80,000 cash. Lemon's letter indicated that the offer would remain open until February 15 if Martig mailed $100 by January 10. On January 5, Martin mailed $100 to Lemon. On January 30, Martin telephoned Lemon stating that she would be willing to pay $60,000 for the ranch. Lemon refused to sell at that price and immediately placed the ranch on the open market. On February 6, Martin mailed Lemon a letter accepting the original offer to buy the ranch at $80,000. The following day, Lemon received Martin's acceptance. At that time, the ranch was on the market for $100,000. Was an option contract formed on January 5? Did Martin's call on January 30 automatically terminate the January 1 offer? Did the February 6 letter form a binding contract?