CASE 3 The Silver Mining Company decided to sell of mo of . Its less productive mines. the Blue Lake mine and the Silver Lake mine. and authorized the company presl-. dent to find a buyer. On June 10, the president wrote a letter to the Amalgam Mining Corporation offering to sell the two properties for 83.000.000. ' On June 22, Amalgam Mining Corporation replied by mail to the letter In which it expressed an Interest in the purchase of the Blue Lake mine at e price.pf $2,000,000. If Silver Mining Company was prepared _ to sell the properties an an individual basis. On June 28'. the president of Silver Mining Com- pany replied by fax that he would prefer to sell both properties, but if he could not nd a buyer for the two parcels within the next few weeks, the company _ might consider selling the properties on an Individ- ual basis. _ _ ' 'On July 6. the Amalgam Mining Corporatio'n . - made an inquiry by fax to determine if Silver Mining .Company had decided to sell the properties on an individual basis. Thelpresident of Silver Mining Company responded with a fax which stated that it was still looking for a buyer for'both properties. - Following this response. Amalgam Mining de- cided to examine the Silver Lake mine property and sent out its two geologists to do a brief site evalua- tion. On July 12, they reported back to say that they had examined the mine and, from companycore samples, found what might be a potentially eco- nomic ore body worth between 10 and'30 'millio'n - dollars. Amalgam Mining then prepared a letter accepting the offer Of Silver Mining Company to sell both properties for-$3,000,000. The letter was mailed on July 15. , ' On July 16. the president of Silver Mining Com- pany found a buyer for theSilver Lakemine at a price of $1,200,000 and signed a sale agreement the same day. He then wrote a letter to Amalgam Min- ing in which he accepted their offer to buy the Blue Lake mine for $2,000,000. The president of Silver Mining Company. received the July 15 letter of Amalgam Mining on July 17. ' ' ' Discuss the issues raised in this case. and indi- cate in your answer how the case might be decided if it was brought beforethe court