Case 1:

Adam says to Betty, "I will sell you my bicycle for $100." Betty replies, "I will buy it for $75."

• Has Betty accepted the offer, or not?
• Whatlegal termdescribes her statement to Adam?
• Is the original offer still available, after her statement?

Case 2:

Cindy writes a letter to Daniel on July 1st, offering to sell her house. Daniel waits until July 31 before writing back to accept the offer. He puts the letter in the mailbox on July 31st, and Cindy receives it on August 4th.

• Is Daniel's acceptance valid? Why or why not?
• If the acceptance is valid, then on what DATE did the acceptance occur?