Dear expert tutor,

I have received this task yesterday and i spent lot of time with it because i am not quite sure with my understanding for the question itself. As i am an overseas student the understanding of the law case might be really hard and i have tried my best for, and i really need a help from expert tutor to help me with the task. Could you help me figured it out?

In advanced, i am really appreciated for your help, Thank you

Students must: I Use the IPAC method when answering the question. - Write in their own words. - Focus on the materials they have studied in the course. 0 Not approach any tutors for assistance during class or consultation times for this assignment. In addition, students should also be aware that: a No additional research is required. Students should focus on the legal rules and cases taught in the lectures. - A bibliography is not required. QM Tracy and Kate are childhood friends and they have been living together at a rental property as housemates for the last 6 years. On 16 May 2020 Tracy placed an advertisement on a community notice board at the local library to sell her bicycle as follows: Women's electric mountain bike for sale $950.00as new condition! Please call Tracy on 0430 122 234 if interested Kate, as a mountain bike enthusiast, was really interested in purchasing the bike when she saw the advertisement and the following conversation took place when Kate called Tracy on 17 May 2020: Kate: "Hi Tracy, I saw your advertisement and I cannot believe that you are selling your mountain bike." Tracy: "I know and I cannot believe I am selling it either since I only bought it 6 months ago." Kate: \"How much are you willing to accept?\" Tracy: \"Well I was looking to sell it around $950.00 but the lowest price I can accept is $850.00". Kate: "As you know that my boss has reduced the hours of my part time job so $850.00 is a lot money for me at the moment. How ab0ut $700.00?" Tracy: "I had been saving for this bike for a very long time and l have only ridden it for a few times before my knee injury. I wouldn't even consider selling it if it was not because I need the money to pay for my knee surgery, $750.00 is the lowest I can accept and please let me know by 5pm today." By 4pm of the same day Tracy had not heard from Kate, Tracy then sent a message to Kate reads: \"Hi Kate, I thought I'd also give you the bike light worth $180.00 for free if you decide to buy the bike for $750.00 by 5pm today." Kate was busying at work and she did not have time to check her messages but she managed to call Tracy at 4:30pm and said: \"Hi Tracy, I accept your offer and thank you\". Advise Kate whether there is a contract for the sale of the bike? ls Kate entitled to have the bike light for free? In your answer, you must cansider and aggly any relevant decisions from any relevant cases you have m