Laura is a Curtin accounting student and decides to go to the Curtin Commerce Bulletin Board

to see if there are any second-hand books she could purchase. A poster from a student named

James catches her eye. James has listed several textbooks with prices that are very

reasonable. The textbook of most interest to her was the Financial Accounting textbook

which was listed at $70.

Laura takes out her mobile and callsthe number on the poster. James picks up and tells Laura

that the Financial Accounting textbook is still available. Laura says to James that the listed

price of $70 is too high and asks if he would accept a price of $40. James declines but says he

will be happy with $60. There is a long pause over the phone as Laura thinks about it. Before

Laura could reply James says, "Have a think about it and call me by 5pm tomorrow with your

answer." Laura thanks James and hangs up.

The next morning at 9am Laura calls James and asks if he would be willing to sell her the book

for $50. James refuses and hangs up.

At 4pm Laura checks the Curtin Bulletin Board for other listings of second-hand textbooks.

Unfortunately, the listings of textbooks were the same as yesterday. Laura sees James's

poster again and decides to call him and buy the textbook for $60. Laura calls James and

James informs her that he has sold the textbook to another student. Laura is upset and is of

the view:

- James should have waited until after 5pm to sell the textbook as he promised to wait

until 5pm.

- Since James' poster is still on the Curtin Bulletin Board, the poster constitutes an offer

and she (Laura) has accepted by calling him.

Question:

using the 4-step process, has the element of agreement been satisfied

between James and Laura? Ensure you explain whether Laura is correct in her claims.