In respect of the scenario that addresses the following: (include references)

a) The legal issue (or issues) in the transaction

b) The legal principles you will use to resolve each issue

c) The application of those legal principles to the facts of each issue

d) The concluding advice you would give in respect of each issue

NOTE: This is the ILAC process

Problem question

Central Quarries Ltd (CQ) offers by letter dated 1 November to sell 50 tonnes of gravel to Bodacious Builders (BB). Barry, the manager of BB, sends a letter on 7 November agreeing to the purchase. However, Barry discovers on 8 November that one of CQ's 4 competitors is selling gravel at a special discounted price. He immediately rings the director of CQ, Charlie, and advises that their offer is rejected. Barry's acceptance letter arrives at the CQ head office by post on 9 November. Charlie wants to know whether a binding contract has been formed between the two companies.