In each of the following situations, assume that each event occurred on succeeding days in the order specified. Was a contract formed? If you decide that a contract exists, state exactly when the contract was formed and clearly state the reason(s) for your decision?

1 (revocable offer)

Day 1rejection sent

Day 2acceptance sent (authorized means)

Day 3rejection received

Day 4 acceptance received

2 (irrevocable offer)

Day 1revocation sent

Day 2revocation received

Day 3acceptance sent (authorized means)

Day 4 acceptance received

Day 5 period of irrevocability ends