On February 10th 2018, David writes to Jordan offering to sell Jordan his car for $55,000.00 stating that the offer will remain open for one week. On February 11th, he changes his mind and at 10 am on that day he sends a fax to Jordan withdrawing the offer. The fax is received in Jordan's office immediately, but his secretary does not bring it to his attention until 11:00 a.m. Meanwhile at 10:20 a.m. Jordan sends a letter to David accepting the offer to sell him the vehicle and posts it in the mail. He thereafter at 10:30 am telephones David and leaves a message on his answering machine "accepting your offer to sell me your car". David returns to his office at 11:30 a.m. and hears the message. David receives the letter from Jordan a week later. He now wishes to know whether he is contractually bound to sell Jordan.

Advise David on the following:

1. The elements that must be present for a Contract to be formed;

2. Whether these elements are present in the above situation;

3. At what time was David's acceptance by letter effective in law;

4. What is the effect of David's withdrawal of the offer by fax; and

5. Whether David is legally bound to sell the car to Jordan.