I.On May 1, George, a vendor of bicycles, sent a signed letter to Jane, also a professional bicycle seller, offering to sell to Jane a used bicycle for $175. In the letter, which accurately described the bicycle and indicated the price, George wrote: "I promise to keep this firm offer open to you for 5 months from today. (signed) George." Jane received the letter in May 2. On September 23, George decided he did not want to sell the bicycle anymore. On the same day, George sent a letter to Jane telling her that the May 1 offer was no longer open to him. Jane received the letter on September 24. On September 25, Jane sent a letter to George saying, "I accept your offer of May 1." George received the letter on September 26. George refused to deliver the bicycle to Jane. Jane sued George for breach of contract.

(a)Judgement for whom? Explain fully. (10 points)

(b)Assume all of the above facts except that George and Jane are both accountants by profession and not bicycle sellers. Judgement for whom? Explain fully. (15 points)