1. Read the following case: Tom was tired of running his business and was looking for a buyer so he could retire before the winter. Bill wanted to buy the business, but needed another month to raise the necessary finances. Tom said to Bill: "Look, for $5,000, I will give you an option to purchase in 30 days, but if you are not ready to buy at that time for fifty thousand, I am going to sell it to Dan." Bill paid Tom the $5,000. Thirty days later, Bill appeared at Tom's door with $45,000. Tom said: "Sorry, I am going to sell it to Dan. I said the price was $50,000." Bill was confused, and sought legal advice. 2. Respond to these questions: Outline the issues raised in this case. Outline the various arguments that each party might raise. Render a decision