On December 1, Donghai received the following letter:

Dear Donghai:

I have decided to give up my farm and move to Halifax. I thought that you might consider buying it from me. I will sell it to you for its current market value, $700, 000. Let me know by December 12. I will keep this proposal open, and will not withdraw it, until after that date.

Regards,

Javad

The next day, Donghai mentioned to a friend, Genghis, that he was considering buying the farm. Genghis responded that an acquaintance of hers, Feng, had also received an offer from Javad to purchase the farm. Donghai immediately went home and prepared a letter of acceptance, addressed to Javad, and deposited it in the mail at 11 AM.

On December 10, Javad entered into a written agreement with Feng for the purchase of the farm. At 2:00 P.M. on May 13, Donghai called Javad to arrange for a visit of the farm. Javad informed Donghai that he had already sold the ranch. Upon hearing this, Donghai exclaimed, "We have a deal. I sent you an acceptance over a week ago by mail." Javad received Donghai's letter later that same day.

Using the legal principles examined in class, discuss whether there is a contract between Donghai and Javad. You must clearly set out a reasoned conclusion. You must clearly identify and discuss all of the contract related issues raised in the question.