On 1 February 2021 Best Pty Ltd placed the following notice in the 'National Telegraph' newspaper:

Special Shoes Special Discounts.

Best Pty Ltd has now received the latest delivery of the latest summer collection of shoes and sandals from Italy. Styles include the new sling back sandals and wedge heels. Prices start at $2,000 per hundred pairs (certain styles only); big discounts may be negotiated for bulk orders. All inquiries to Mr Brown, sales Manager on 1200 234 567.

On 4 February 2021, Lisa, the owner of shoe retailer, Lisa's Shoes, which has several regional stores throughout Australia, sent the following email to Mr Brown at Best.

We refer to your notice in the 'National Telegraph' and would like to purchase 2,000 pairs of the sling back sandals. Our best price is $30,000 including delivery. Please advise.

On 6 February 2021 Mr Brown (from Best Pty Ltd) sent the following email to Lisa:

Best will sell 2,000 pairs of sling back sandals for $30,000 excluding delivery. Payment can be made by cash or bank cheque and is due on delivery. Please advise.

Lisa immediately wrote the following letter to Mr. Brown at Best Pty Ltd, which was mailed on 8 February 2021.

We refer to your email of 6 February 2021 and are prepared to meet on those terms. Please let me know the earliest delivery date.

On 10 February 2021 Mr. Brown received Lisa's letter of 8 February 2021 and then telephoned Lisa. After a short discussion Lisa emailed Mr. Brown a copy of the letter of 8 February 2021. The parties agreed that Lisa's Shoes would take delivery of the sandals from Best's Sydney warehouse on 3 March 2021.

Required:

Referring to relevant case law and giving reasons for your answers, does a contract exist between Best Pty Ltd and Lisa's Shoes and if so, when was that contract formed and also what are the terms of that contract?

5 marks