Philip wants to sell his house and advertises it in the local newspaper at 370,000, giving his telephone number. Jim sees the advertisement and rings Philip and makes an appointment to see the house. Jim likes the house but cannot agree a price with Philip, his highest offer being 367,000, while Philip insists on 370,000.

On the following Monday, Jim receives a letter from Philip offering him the house for 368,500 and saying that Jim can have until noon on Friday to think about it. On Wednesday evening, Jim meets his brother Garett at a street. Garett tells him that Philip's son in law bought the house earlier that day for 367,000. Jim goes straight home and writes a letter to Philip accepting his offer at 368,500. He posts the letter immediately and Philip receives it on Thursday morning but replies by return saying- 'You are too late, I have sold the house to my son in law.'

Advise Jim using suitable case references.