QUESTION THREE Elizabeth wanted to purchase Katy's new cell phone. After a lengthy negotiation, Katy texted Elizabeth and offered to sell her the phone for $1,000. Required: Analyse the following possible scenarios with respect to whether Elizabeth and Katy entered into a valid contract; and if so - what the terms are. Support your analysis with relevant case law where appropriate. Note: It is recommended that you limit your analysis to no more than three lines per scenario; half a page for the whole answer. a) Elizabeth replied "I agree". Katy immediately asked for $1,100. Elizabeth agreed, then changed her mind and now insists on paying only $1,000. (5 marks) b) Elizabeth rejected the offer. Katy then offered to sell Chris the phone for $950. Elizabeth heard about the offer to Chris and decided to accept it. (5 marks) c) Elizabeth ignored the offer. After two weeks she wishes to accept it. (5 marks) d) Elizabeth said "yes, but I have to check with my spouse first". Katy then decided to ask for $1,050. Elizabeth opposes the change and claims that the parties had already reached the "point of no return". (5 marks) e) Elizabeth replied "agreed, and I'd like to pay the $1,000 in two months". Katy disregarded Elizabeth's reply and offered the phone to Jim