Jackson recently inherited an antique vase, which has an estimated value of around $50,000 to $100,000. However, he is not a collector of such antiques, and he decides to put it up for sale via an auction process that he will conduct himself. He intends to place an advertisement in the local newspaper to inform interested members of the public about the auction. Some of his friends are also interested to buy the vase, and he intends to invite them to the auction as well. He will then rent a venue to hold the auction, and hopefully find a buyer then.

Although Jackson has a rough idea as to how to proceed with the auction, he is not sure how the contract of sale would be concluded during the auction process. He has come to you for advice, as he is aware that you have taken a course on Contract Law.

Specifically, Jackson is concerned as to whether the bidder may change his mind and back out after submitting a bid. He wants to know when is the exact point in time in the auction process that he and the winning bidder would become legally bound to the contract of sale.

Explain how and when the contract will be formed in this scenario between Jackson and the winning bidder during the auction process. In your answer, identify and discuss the 4 elements of a contract. also explain the legal significance (if any) of the advertisement that Jackson will place in the local newspaper, and address Jackson's specific concerns as mentioned in the scenario. please state the reference.