Major Mark, Inc. (M&M, Inc.) decided to build a luxury resort hotel and casino. M&M, Inc. advertised in the Gazette on January 1, inviting contractors to submit their bids to build the hotel rooms, slot machines, and plenty of card tables. Numerous companies submitted bids to M&M, Inc., including Jack Frost Construction, Inc. (Frost Construction). After several weeks of research (at a cost of $50,000), Frost Construction prepared construction plans (the Frost Construction Plans) to build the luxury resort hotel and casino, and, on January 20, submitted its plans and the following bid: Dear M&M, Inc., Per your January 1 advertisement, I am attaching our bid and plans to build a luxury resort hotel and casino. We can complete all of the work for $12,000,000 and will require that you pay us in three equal installments of $4,000,000 each, the first installment due immediately upon accepting our bid, the second due 90 days after accepting our bid, and the last due upon completion of the project 270 days after accepting our bid. We promise to leave this offer open until March 1. Yours, /s/ Jack Forst CEO, Frost Construction On February 1, M&M, Inc. sent off the following telegram to Frost Construction: Mr. Forst, We are pleased to accept your bid of $12,000,000. We will immediately review your plans and notify you by February 15. /s/ M&M, Inc. M&M, Inc. paid an engineering firm $75,000 to examine the Frost Construction Plans' structural integrity. On February 10, the engineering firm notified M&M, Inc. that the Frost Construction Plans were structurally sound and up to Building Code standards. On February 11, M&M, Inc. began drafting a letter notifying Frost Construction of the engineering firms approval of its plans when the phone rang. M&M, Inc. answered and was informed by Jack Forst that Frost Construction would no longer be able to undertake the construction project because it had just agreed to build a hotel and casino for another client instead. M&M, Inc. decided to re-open the bidding process, but they were relatively happy with the Frost Construction Plans. Therefore, on February 15, M&M, Inc. took out another large advertisement in the Gazette, publishing the Frost Construction Plans and required that all bids submitted conform to and implement the Frost Construction Plans. Claus Workshop (Claus), which originally submitted a losing bid of $15,000,000 in response to the January 1 advertisement, submitted a bid of $10,000,000 in response to the February 15 advertisement. Although the bid implemented the Frost Construction Plans, Claus informed M&M, Inc. that it would not be able to complete the project in the 270 days originally specified by Frost Construction but would require at least 420 days. M&M, Inc. accepted Clauss bid. Discuss M&M, Inc.s rights against Frost Construction and Frost Constructions rights against M&M, Inc. Your discussion must cover all the elements of a contract. You must state the rule of law applicable, apply the rule of law to the facts, and indicate the likely outcome.