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Mr. Sarmad shared his proposal with Mr. Naeem to buy 1,000 gallons of furnace oil for USD 1,000,000. He also added that in case Mr.

  1. Mr. Sarmad shared his proposal with Mr. Naeem to buy 1,000 gallons of furnace oil for USD 1,000,000. He also added that "in case Mr. Naeem does not reply me by this weekend, my proposal deemed accepted and Mr. Naeem has to deliver said quantity of furnace oil". Explain fait of such business transaction

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