Some Other Guy wrote:

That's what I remember from high school law class too. There must
be renumeration for a contract to be binding, but fairness is not
a requirement.

The way I learned it, was any provision of a contract was fully
negotiable until agreed upon, as long as no law is violated. "Fair" is
anything agreed to by the parties involved, regardless of what
uninvolved parties think.

I got a 3 week old riding mower and utility trailer with my house,
because I asked. G

The guy selling the plane used a reserve that has to be believed is
equal to his minimum acceptable sale price. Since he didn't, the first
bid meeting the reserve was a legally binding offer to buy at that
price, as the court ruled.

Flip it around. What would have happened if the buyer had bid $2
million, and then decided not to buy? Same deal.

The buyer could possibly agree to accept some sort of renumeration to go
away, but that's all negotiable.