Consider the following conversation between Lovedeep and Paul: -

Lovedeep:I will sell you my car for $5000.

Paul:Well, let me think about it.

Lovedeep:Never mind. I do not want to sell it anymore

Please identify:

1. What is each person's role either Offeror or Offeree?(1 mark)

1. For each statement, determine whether it is an offer, acceptance, revocation, rejection, counteroffer or none of these? (3 marks)

1. Whether or not a contract has been made.(1 Mark)