0 steri I am going to give you the complete rule of law that I used in class. 1. There must be objective intent to enter a contract 2. All of the material terms must be reasonably clear and definite 3. The offer must be communicated to an identifiable offeree. (Note the word "identifiable"). 4. On March 10th you made an offer to a friend to sell your boat which was located on a lake 100 miles away, but the friend was very familiar with the boat since he had been on it many times.. The price was $50,000. The friend agreed to buy the boat on March 16th. Later that day the two of you met to complete the transaction. You signed over the title and the friend gave you the $50,000. The friend went to use the boat on March 18th. The next weekend, the friend drove to the dock where the boat was located and discovered that it had caught fire and was completely destroyed. If I were to ask you who owns the boat, what additional information would you need to answer that question correctly? (worth 5 points) 5. Here are a series of events that occurred regarding a contract negotiation: On March 11 I mailed an offer to you to purchase my house for $500,000. (you may assume that this was an offer) On March 13 you mailed this back to me, "I will buy your house for $475,000" (you may assume this is a counteroffer) On March 15 I mailed back, "No I want $490,000" (you may assume this was a counteroffer) On March 18, having not heard from you I mailed this "I have changed my mind and I am revoking my offer of $490,000) On March 17, you mailed this. "Ok, I will buy the house for $490,000." Do we have a contract for $490,000? Why or why not? You must provide a complete explanation using the correct rule of law. (worth 10 points).