Please help me with this question.

CASE STUDY:

Jim was the CEO of a large sporting goods franchising corporation called Sporting Life Limited ("Sporting Life") and lived in Vancouver, British Columbia.The board of directors of Sporting Life decided that the corporation needed a fishing yacht to entertain business associates on when they came to the head office in Vancouver, so they tasked Jim with finding and purchasing a yacht on behalf of Sporting Life.

Jim found just the yacht parked at a peer in Victoria, British Columbia.The ship was owned by Kevin and was called the "Truth."On the yacht was a sign that read, "For sale, as is, $750,000 or best offer."Also, included on the sign was a mailing address.On September 10^th, Jim wrote a letter from his office in Vancouver and sent it to Kevin who lived in Oakville, Ontario.In the letter, he said he would purchase the yacht for $550,000.Kevin received the letter on September 15^th and sent Jim a fax offering to sell the yacht for $600,000.

Jim did not respond to the fax immediately, but on a business trip to Toronto on September 22^nd, he had a discussion with Kevin about the yacht and tried to get Kevin to reduce his price.Kevin replied that the price was "firm" at $600,000.Jim told Kevin he was going to need some time to discuss the matter with the board of directors of Sporting Life and asked Kevin to hold off selling the ship.Kevin said, "no problem, I'll give you until September 30thsince no one else at the moment has expressed any interest in buying the yacht."

When Jim returned to Vancouver, he sent a letter to Kevin agreeing to pay $600,000 for title to the yacht.The letter was posted at 11:40 a.m. on September 24th but was not delivered to Kevin in Oakville until 4:20 p.m. on September 30^th.

In the meantime, when Kevin had not heard from Jim by September 26^th, he offered to sell the yacht to Mark, who had expressed an interest to Kevin in purchasing the yacht at a meeting on September 5th.Mark accepted the offer, and the two parties executed a written contract in Mark's office on the morning of September 27^th.

When Kevin received Jim's letter on September 30^th, he immediately telephoned Jim and told Jim, "Sorry buddy, but your too late, I just sold the yacht to another party."Jim was furious with Kevin for selling the yacht before the end of September 30^th.

QUESTION:

1. Based on what Kevin said to Jim in their September 22^nd meeting, could Jim sue Kevin for misrepresentation?Why or why not?What type of misrepresentation would he be attempting to sue for? (Provide a complete legal explanation for your answer)

** note please answer in this format listed below **

1. Properly identifying what legal concept or concepts are in play for each question.

2. Explaining what specific facts give rise to the application of each legal concept and how those facts trigger the concept's application.

3. Explaining what the effect of the concept's application is to the situation and why.

4. Explaining the end legal result and why.