Jones was a caterer; Smith was a florist. Jones won a contract to provide a banquet for a convention of florists. He wanted to decorate the hall with flowers. He sent a letter to Smith describing what he wanted and asking for a price quote. Smith responded in a letter dated January 5, offering to supply the flowers for $5000. Jones received the letter on January 10 and responded on the same date, saying the price was too high and that he would pay $4500. While that letter was in the mail, but before it had been received by Smith, Jones learned that the convention was on artificial flowers and the organizers wanted no real flowers on display. On January 13, Jones quickly sent another letter telling Smith to ignore the letter of January 10 and that he wouldn't need any flowers at this time. This letter of the January 13 was received on January 18. Smith had received the letter of January 10 on January 15 and sent a letter of acceptance on the same day, and had placed orders with his suppliers for the flowers. The letter of acceptance was received by Jones on January 20. Is there a contract between Jones and Smith? Explain.
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