C0 NTRACTS 3. Joe offered to sell Harry his car for a specific price, and Harry indicated that he needed some time to think about it. Two days later, Joe sold the car to a third party. That afternoon, Harry phoned Joe and told him that he had decided to accept the offer and that he'd buy the car. Joe told Harry that it was too late; he had sold the car to someone else. Harry said that it had been offered to him first, and he insisted that Joe go through with the contract. 1. Was there a valid contract between Joe and Harry? Your answer must specifically reference each of the elements of a valid contract and describe how each relate to the facts presented above. 2. If you conclude that there was a valid contract, explain the legal liability of each of the parties. It 4. You own a company that manufactures hats. The cost to make the hats has increased and, as a result, you are negotiating with a textile mill to supply the fabric for the cost of $10.00] metre for a period of two years, provided you agree to purchase 1000 metres of fabric monthly. Are there risks associated with taking time to think about the offer before accepting it and, if so, what are they? What happens if you like the price and but l are only willing to commit to the agreement for one-year? What happens if they set a deadline for acceptance and you want to accept the offer after the deadline has passed? hoe 911V\