Adam wants to sell his house and it in the local newspaper at 500,000 pounds, giving his telephone number. Peter sees the advertisement and rings Adam and makes an appointment to see the house. Peter likes the house but cannot agree upon a price with Adam, his highest offer being 495,000 pounds, while Adam insists on 500,000 pounds.

On the following Monday, Peter receives a letter from Adam offering him the house for 499,000 pounds and saying that, Peter can have until noon on Friday to consider it. On Wednesday evening, Peter meets his brother tells him that Adam's cousin bought the house earlier that day for 495,000 pounds. Peter goes straight to home and writes a letter to Adam accepting his offer to sell at 499,000 pounds. He posts the letter immediately and Adam receives it on Thursday morning but replies by return saying, "You're too late. I have sold the house to my cousin."

Question- Advise Peter as to whether he has a binding contract with Adam using case references.