Ryan was interested in buying Shawn's car. Ryan met Shawn and told him that he will pay him 8,000 for it. Shawn said he will think about it. 2 weeks later Shawn told Ryan that he will sell him the car for 9,000. Ryan said that the price was too high, and he did not want the car. However, one week later, Ryan received a bonus pay at work.

He immediately contacted Shawn and told him that he will pay the 9,000 for the car. However, Shawn refused to give Ryan the car, saying the price had now gone up to 10,000.

Explain to Shawn whether he is bound by any contract to sell the car to Ryan for 9,000? Make references to relevant case laws and legislation.

Please use (British Case laws and legislations only).

The Answer has to be in the following format:

Identification of Issue:

Explanation of Law:

Application of Law:

Conclusion: