Contract Tutorial Sheet 1B 1. Mark who is migrating on the 1st February sent a letter to Dan offering to sell him his boat for $3M. He was to return his acceptance in the course of Post. By a letter also dated the 1st February, Mark informed Joe that he was selling his Toyota Rav 4 car for $1,500,000.00. He stated in the letter that the offer would remain open until February 28. Dan received Mark's letter on the 3rd February and returned his acceptance letter by post immediately and in the letter he stated that he would come with a cheque for $3M on February 7. However, Mark never received Dan's letter as it got lost in the post and sold the boat to Barak, his best friend on February 6, Ine upon receiving Mark's letter called him and informed him that in his opinion, the car was overpriced and he would only pay $200,000.00. This is rejected by Mark and eventually Joe said he would pay the $500,000.00. Mark informs him that he is not interested in selling the car to him anymore. Joe is upset and informed Mark that he will sue him for breach of contract as he has agreed to pay him the sum he requested. Dan turned up at Mark's house on the 7th February and was informed that the boat was sold. Dan is livid and leaves telling Mark "you shall hear from my lawyer!". Advise Mark as follows: 1. Identify the issues arising. Cases: 3. Apply these principles to the facts above. With respect to issue 1 Issue 2- Issue 3- 1. 2. 3. 2. Discuss the relevant legal principles and cases that support these principles 4. Summarise your advice to Mark