5. On November 1, Ben, a buyer for Zak's, received the following letter from Shane, an importer of luxury Italian goods. We just received a shipment of highest quality leather gloves from Italy. We are offering Zak's the opportunity to purchase these gloves at $25 a pair, minimum quantity for order is 1,000 items. /s/shane Ben read the offer and discussed it with Zak's manager. They concluded that this was a good investment but that the store needed to obtain financing for the purchase. Ben wrote to Shane on November 2, stating: Zak's is very interested in your offer and would like to purchase 1,000 pairs of gloves, however, we will need some time to arrange financing for the purchase. Would you be able to hold this offer open for 30 days? /s/ Ben On November 3, Shane replied to Ben as follows: While we cannot hold the offer of November 1 open for 30 days, we would be happy to extend our firm promise to hold the offer open for 15 days beginning today. /s/ Shane On November 10, Shane was visited by a buyer from Bloom's Department Store who saw a sample of the gloves in Shane's office. Very excited by the quality of the gloves, he asked Shane if he could purchase the gloves for Bloom's at $50 a pair. Shane, not wanting to lose such a good deal, sold Bloom's the entire inventory of gloves immediately. On November 11, Shane wrote to Ben, stating: I hereby withdraw my offer of November 3 as I was able to sell my inventory for double the price. / am sure you understand I could not walk away from such an incredible deal. /s/ Shane Ben received the letter on November 12 and did not reply. On November 14, Ben mailed the following letter to Shane: Zak's gratefully accepts your offer of November 3 to purchase 1,000 pairs of Italian leather gloves at $25 a pair. We request delivery as soon as possible. /s/ Ben