Gary wishes to sell his commercial fishing vessel as he has no use for it anymore, so he advertises it for sale for $100,000.

Brenda phones and says she will buy it at that price.

However, when talking to Brenda on the phone, Gary says he has changed his mind about selling. Nevertheless, he mentions that he might be open to selling but that he would charge $120,000 for it if he decides to sell. Brenda then offers $110,000 but Gary says he needs to think about it.

A couple of days later, Gary is suddenly in need of lots of cash. He phones Brenda, saying that he accepts Brenda's offer of $110,000. However, Brenda says she has changed her mind and doesn't want to buy the commercial fishing vessel anymore.

Analyse the communication between Brenda and Gary and advise them of their individual contractual liabilities.

The question needs to be assesed using the principles of contract law for offer and acceptance.