1. On October 30, Farraday offered to purchase some farmland from Hume for $14,500 with possession in January. On November 15, Hume counter offered, by letter, at $15,000. The letter was delivered to Farraday's home on November 20 but Farraday was absent on a hunting trip. Farraday's wife opened the letter and wrote back to Hume, stating that her husband was away for 10 days, and asked that Hume hold the deal open until Farraday could consider the matter. Hume did not respond. On December 10, Farraday returned home and immediately wrote Hume of his intention to accept Hume's offer of $15,000. The letter was received on December 12. By this time, Hume had already sold the land to someone else. Has Farraday accepted the offer in time or has it lapsed? (4 marks)