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John Hancock (D) mailed a commitment letter to Houston Dairy (P) to lend it $800k if P would return the commitment letter with a written acceptance and enclose a letter of credit or a cashier's check for $16k within 7 days. The commitment letter stated that the $16k was a good faith deposit and the appropriate measure of liquidated damages in case of default by P. P complied with D's terms but mailed the commitment and check 11 days after the expiration of the term provision. P then found it could obtain a loan for less at a state bank. P requested that its monies be refunded. At trial, it was determined that D had waived the seven-day limitation and that there was a contract. P appealed; the letter was a counteroffer that was never accepted by D.

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