Question 4 Mary visited Rooney at home and was overwhelmed by the structural beauty of the house, the peace, and the quiet environment at the property. The view of the bay from Rooney's property added to the attraction the property drew. Some months after Mary's visit, Rooney received the approval letter from the Australian embassy regarding his application to migrate. Rooney knew he has to sell all his assets in Fiji. On the 1st of November Rooney sent a letter to Mary offering to sell the property to her for $175 000 (which is a lot less than the actual value) and Mary would have to make a payment of at least $25 000 to secure the contract. Rooney states that he would keep the offer open for a week. On the 2nd of November Pedro, Rooney's best friend, hearing Rooney's migration approval, visits Rooney's house and offered him $250 000 for the property. Rooney agreed to sell it to Pedro for that price. In the afternoon of the 2nd of November Rooney rings Mary's office to inform her of his decision to sell the property to Pedro. Mary was homesick so Rooney left the message with Mary's secretary explaining the situation. Mary's secretary then rang Mary at home and relayed the message. Mary was still homesick on 3rd November when she receives Rooney's letter offering to sell the property to her for $175000. She immediately posted her acceptance together with a cheque for $50 000. On 5th November Rooney received Mary's letter. Rooney is concerned and seeks your advice as to whether he has formed a contract with Mary. Advise Rooney. Use the IRAC method to answer the question. (10 marks)