Khalid was interested in buying Siti's painting which she had named "Hawa". Khalid met Siti and told her that he will pay her RM5,000 for "Hawa". Siti said she will think about it. Two weeks later Siti told Khalid that she will sell him the painting for RM7,000. Khalid said that the price was too high and he did not want the painting. One week later, Khalid received bonus from his employer. He immediately contacted Siti and told her that he will pay the RM7,000 for "Hawa". Siti refused to give Khalid the painting, saying the price had now gone up to RM10,000. Is Siti bound by any contract to sell the painting to Khalid for RM7,000? Make references to relevant case laws and legislation. (40 marks)