On June $13,2016,$ Brock Adams wrote to Julie Beckham:

"I offer to sell you my home $($legal description appeared here$)$ for $$425,000.$ Sale to close by September $15,2016.$ Offer must be accepted by fax no later than $4$:$00$ PM on June $15,2016."$

Julie sent a fax accepting the offer at $3$:$36$ PM on June $15,2016.$ Because Brock's fax machine was not working, the fax did not come through until $8$:$00$ PM on June $25,2016,$ after Brock had the fax repaired.

Which of the following statements is true?

There is no contract because the acceptance was too late.

There is no contract because you cannot accept an offer for real estate via fax.

There is a valid contract that has been formed.

The mailbox rule does not apply when the acceptance is specified.