Leila loses her gold chain and locket. She is very distressed and places an advertisement in the local newspaper.

"Lost!

Gold locket and chain.

Sentimental value.

Reward of $50 for return of locket and chain.

Phone 93838125,

1 Titanic Drive.

Julie who has read the advertisement finds the locket and chain on her way home from the park. Realizing it is the lost items she goes directly to Leila's house and claims the rewards. Leila refuses saying "you should have telephoned first".

Leila seeks your advice.

1. Is there a binding contract between Leila and Julie?
2. Would your answer be different if Julie had not read the advertisement and is then told about the reward by April after she has found and returned the locket and chain?