Question: 1. Comment on the following case: Has a contract been formed? Discuss how contract law would determine who has made an offer and acceptance in

1. Comment on the following case: Has a contract been formed? Discuss how contract law would determine who has made an offer and acceptance in this case.

The Defendant offered to sell to the Plaintiffs 2,600 shares for $2.00 per share. Plaintiffs responded by letter accepting the defendant's offer and stating that upon verification of the company's financial position and liabilities a price of $4.00 per share would be paid. Was there a binding contract or was the Plaintiffs' acceptance conditional and therefore ineffective?

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