Homework q Business Law and Ethics

The Case: Sam made an offer to Jim to buy his Ford Car for USD 5,000 and indicated to Jim that the offer is valid for 3 days. Before the end of the deadline Jim answered Sam that he accepts to sell his car for USD 6,000. Sam did not reply to Jim. At the end of the three days, Jim calls Sam saying that they have a legally binding contract and that he must take the car for USD 6,000. Question]: What are the requirements for an offer to lead into the formation of a contract? Please explain clearly providing examples (40 marks) Question 2: Please explain how the acceptance to an offer to make a contract should be in order for it to be effective and lead into forming a contract. (30 marks) Question 3: In the case above, do Sam and Jim have a legally binding agreement? Please explain your answer (30 marks)