Chapter $3-$ What is an Offer?

Question $1$

Jill is interested in buying a house from James. On the $1^{st}$ of May she sends him a letter, offering to buy his house for $$400,000.$ She writes in the letter that if she hears nothing from James within $10$ days, she will consider her offer to be accepted and will instruct the settlement agent to prepare the paperwork for settlement of the property. She also states in the letter that if there is an agreement between them, it will only be binding if the valuation report for James' house is positive.

James receives the letter on the $3^{rd}$ of May and likes the sound of Jill's offer. He sends a letter to Jill on the same day saying that he would be delighted to sell her his property and that she can go ahead and instruct her settlement agent.

On the $4^{th}$ of May, before she receives any reply from James, Jill changes her mind and does not wish to buy James's property. She phones James to tell him of this, but he insists that she cannot cancel now as they have a binding agreement. Jill tells James that there is no deal because she is revoking her offer and she has not obtained a valuation report as yet.

Required:

a$.$ Has James accepted the offer? If so$,$ explain the consequences arise from his acceptance. Include in your answer a discussion on how Jill's offer can be accepted.

b$.$ Discuss if Jill is allowed to assume James' acceptance if she hears nothing from James within $10$ days.