Rocky Mountain Races, Inc., sponsors the “Pioneer Trail Ultramarathon” with an advertised first prize of $ 10,000. The rules require the competitors to run 100 miles from the floor of Blackwater Canyon to the top of Pinnacle Mountain. The rules also provide that Rocky reserves the right to change the terms of the race at any time. Monica enters the race and is declared the winner. Rocky offers her a prize of $ 1,000 instead of $ 10,000. Did Rocky and Monica have a contract?

USE the IRAC method should be as follows:

1. ISSUE: Identify the legal question which best addresses the problem posed by the fact pattern,

2. RULE: Find and then quote the legal rule(s) verbatim from the text which apply in the situation or fact pattern given and answer the question raised in the ISSUE section.

3. APPLICATION: Apply the legal rule(s) you identified in the RULE section to the given fact pattern. Your analysis should proceed in a step-by-step fashion and connect each point raised in the rule to the facts in the fact pattern.

4. CONCLUSION: Make a short conclusion based upon your analysis in the APPLICATION section. Be sure that your conclusion is supported by your discussion in the APPLICATION section.