Jill offered to sell the Yamaha speedboat to Jack, which is a clear statement of the terms she was willing to agree to. Jack accepted this offer by communicating his agreement. However, Jack's acceptance came after the offer had expired, as offers are not open indefinitely and can lapse after a specified time. Because Jack accepted the offer late, there is no legally binding contract between him and Jill for the sale of the Yamaha speedboat. Therefore, Jack should understand that his delayed acceptance means there is no contract in place for the sale of the Yamaha speedboat