1 (15 marks) Arnold intends to sell his bicycle for $100 to Betty. He sends an email to Betty. Betty receives the email and replies by SMS that she would buy it only if he is willing to sell it for $80. Arnold receives the SMS and decides to reply by letter to Betty. He posts the letter of acceptance on Monday. Unfortunately, the letter takes longer than usual. In the meantime, because Betty did not receive any reply to her SMS, she decides to send another SMS telling Arnold that she is not interested in the phone anymore. Arnold receives the SMS on Thursday. The letter that Arnold posted finally arrives on Friday to Betty after she had sent her SMS to Arnold. a) Is Betty's SMS to Arnold, stating that she would buy for $80, a counter-offer, an acceptance or a request for more information. Discuss (5 marks) b) Does the postal rule of acceptance apply to Arnold's letter to Betty? Discuss the postal rule and its effects in this case. (5 marks) c) Discuss the legal effect of Betty's email stating that she is not interested in buying the bicycle. What are the other ways by which an offer may be terminated