Jim's wife Belinda runs the rare stamps section of the business and conducts much of the business through the post. On Monday, she wrote separate letters to two of her regular customers, Eddie and Joseph, offering to sell them some rare stamps for $1500. Eddie received Belinda's letter at 5 pm on Tuesday and immediately posted a letter of acceptance to Belinda on Wednesday at 9 am. Joseph also received Belinda's letter of offer on Tuesday, and went to Belinda's shop at 10 am on Wednesday and happily bought the rare stamps. On Thursday, Belinda received Eddie's letter of acceptance and consequently Belinda telephoned Eddie and informed him that she had already sold the stamps to Joseph. Eddie is certain that he is entitled to the stamps.

3. Is Eddie correct to say that he is entitled to the stamps by arguing that his letter of acceptance was effective? (3 marks)

Can IRAC be used in this situation and if so please use it.