Dear tutor,

I need your help on question regarding law on contract.

"La Sneakers Boutique" ("LSB") is a high-end retail business that sells collectible sneakers. To ensure that it has a steady stream of merchandise for its clients, LSB is constantly sourcing for rare collectible sneakers, and sometimes buys them from other retailers. LSB managed to find one such retailer, called "One Sneaker Source" ("OSS"), which carried highly sought-after sneakers from the label "Moonwear".

To start the ball rolling, LSB sent the following email to OSS on 1st February:

"Hi, do you carry Moonwear sneakers? If so, how much is it?"

OSS replied via email on 10th February as follows:

"We have very limited stock (only 10 pairs left) of Moonwear sneakers, at the standard size of 'US 10' (i.e., no other sizes are available). Each pair is priced at $2,000. Do you want to buy them?"

LSB was excited to find out that OSS still had Moonwear sneakers available, so LSB quickly replied via email to OSS on the next day (i.e., 11th February):

"OK! We will buy all 10 pairs of the Moonwear sneakers (i.e. for a total sum of $20,000). Please let us know your bank account details so that we can make payment immediately."

However, OSS did not check its email account frequently. Even though the email sent by LSB on 11th February had reached the email inbox of OSS on that day, this email was not read by OSS until a week later, i.e., on 18th February. By that time, OSS had already sold all their Moonwear sneakers to other customers.

Question 1

Explain whether there is a valid contract between LSB and OSS for the sale of the 10 pairs of Moonwear sneakers. To identify and discuss the four (4) elements of a contract.

Question 2

To support the analysis with reasons, case law and/or statutory provisions (where applicable).

Thank you.