Mickey Julere has been friends with Pat Purell for many years and often accompanied Pat as he sailed his classic yacht. Mickey had mentioned to Pat many times how much he would like to own the yacht. On Thursday, a friend told Mickey that Pat had suffered some business losses and was going to have to sell the yacht. Mickey immediately wrote Pat a letter offering to purchase the yacht for $125,000. Unknown to Mickey, Pat had written Mickey a similar letter offering to sell the yacht for $125,000. These two letters passed in the mail. Mickey received Pat's letter at 12 p.m. on Saturday, and Pat received Mickey's letter at about 2:30 p.m. on Saturday.

Required:

a) Explain whether Mickey and Pat are bound in contract.

b) If the mail is a reasonable means for accepting an offer, explain whether a contract is formed when the offeror drops a letter of revocation in the mailbox at the very same moment that the offeree drops a letter of acceptance in the mailbox.