Absent detrimental reliance of some sort, Wheeler cannot overcome the gratuitous promise/lack of consideration issue.
Answer Version #2
There was no contract between them because Wheeler never gave up anything in consideration for the Jennings promise. At most, the Jennings letter was only an offer that Wheeler could (and would have to) have accepted in the ordinary manner in which offers can be accepted in contract formation. The fact that the offer was about a specific item is important too. Had Jennings written "I will sell you any 1955 Thunderbird Convertible for $13,500 before October 9th if I still have any of them in stock" Jennings could not have refused to honor that offer if Wheeler came in...
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