Analyze the case below to determine if there is a contract. Organize your answer by discussing each element of a contract. Label each element by

1) OFFER 2) ACCEPTANCE..3) CONSIDERATION 4) CONCLUSION

SELLER wrote to the BUYER on September 2, offering to sell them 1,000 pounds of wool for $100 per pound to be delivered within 2 days of receipt of acceptance from buyer. Payments are due within 5 days of receipt of delivery. The BUYER sent a timely letter of acceptance which states we accept to buy the 1000 pounds of wool for $100 per pound to be delivered within 2 days of receipt of acceptance from buyer. Payments are due within 5 days of receipt of delivery. Upon receipt of the letter from BUYER, SELLER sent a letter which states we reject your offer to buy the 1000 pounds of wool for $100 per pound to be delivered within 2 days of receipt of acceptance from buyer. Payments are due within 5 days of receipt of delivery. We are sending you this counteroffer to sell the 1000 pounds of wool for $150 per pound to be delivered within 2 days of receipt of acceptance from buyer. Payments are due within 5 days of receipt of delivery. BUYER ignored this second letter and waited for the delivery which never came.

Questions:

1. Discuss all 3 elements of a contract and conclude define each element first and analyze each section of the element.

2. After defining each element, DISCUSS how the above case aligns with the definition write this analysis after each element definition. List the terms of the contract OR possible terms of the contract that is relevant to each element.

3. Was there a contract had been entered into between BUYER and SELLER? YES OR NO AND EXPLAIN WHY THERE IS (ALL ELEMENTS ARE MET) OR WHY NOT (WHICH ELEMENT/S WERE NOT MET). YOUR ANSWER MUST BE BASED ON YOUR ANALYSIS ABOVE.