On Wednesday, Fred offers to sell his property to Jack for $275,000, with the offer to remain open until 5:00 p.m. the next day. On Thursday morning, Sally offers Fred $280,000 for the property and Fred accepts. Also, at 1:00 p.m. on Thursday afternoon, Jack accepts. In this situation who has the contract offer and why (explain your answer)? Also, doesn't the acceptance by Sally creates a contract and terminates Fred's offer to Jack (explain in your answer as well).