Alex decides to sell his yacht.

On June 20, Alex telephones Chris offering to sell him his yacht for $2,000,000 cash on delivery. Chris arranges to inspect the yacht during the week. After he has done so he telephones Alex on June 25 to say: "I am interested and it's a good price for its condition. But payment in two instalments would suit me better. What do you think about that?" Alex replies that he would like some time to think it over and will let him know.

On July 3, having not heard from Alex, Chris wrote and posted a letter to him saying: "As I have not had a reply from you, and am anxious to complete the deal, I accept your offer to sell the yacht to me for $2,000,000 cash on delivery. Please contact me soonest possible to arrange delivery."

Alex replies to this letter on the 6 July and also telephones Chris to inform him that he has changed his mind about selling the yacht and now wants to keep it. Chris is furious says, "But you can't do that, I agreed to your price and we have a deal."

Alex seeks your advice about his legal position.