Ahmad owned Regent Arms, an apartment block in downtown Vancouver, which he wished to sell. He knew that Felicity, a real estate developer, was interested in such properties. Therefore, on Thursday, he faxed this offer to her: I will sell Regent Arms to you for $5000000. If you wish to accept this offer, please do so as soon as possible. I promise that I will not make a similar offer to anyone else while you are considering this proposal. Felicity was very interested in the offer but received it just as she was about to leave for a meeting in Medicine Hat. When she returned on the following Monday, she immediately faxed a letter purporting to accept Ahmads offer. He replied that since he had not heard from her earlier, he had sold Regent Arms to another party on Saturday.

Is there an agreement between Ahmad and Felicity? Specifically, had Ahmad's offer lapsed or was revoked before the time Felicity sent her fax acceptance to Ahmad? (Provide a full 3-step legal analysis.)