Saul purchased his 75-foot luxury yacht twelve (12) years ago and had enjoyed it immensely during his retirement years. Saul was now eighty-three (83) years old and felt it was time to hang up his captain's hat and let someone else enjoy "Finally Free" - the name he had given his yacht when he retired. Saul put a listing for his yacht on the website BC Yachtworld with an asking price of $1.7 million. Saul was happy to correspond by e-mail with people making general enquiries but he asked that serious buyers put together a proposal in writing and send it to him by courier or mail. In fact, Saul asked that all correspondence be sent by courier or mail. Gerry had wanted to buy a large yacht for several years but now that the pandemic had arrived he thought it was a sign for him to finally realize his dream. He could cruise the coastal regions and many of the inland waterways of North America and still maintain his own safe bubble during these unusual times. Gerry was scanning the website BC Yachtworld and came across the listing for Saul's "Finally Free" yacht and knew immediately that this was the boat for him. Within one week of posting his advertisement, Saul received ten (10) responses in writing all wanting to enter into a contract with him to buy his yacht. It was Gerry's proposal that really caught his attention. As part of his application package, Gerry sent a heartfelt letter to Saul telling him how much he would love to buy his yacht to explore the waterways of North America and live his lifelong dream in retirement. Gerry also put forward the highest money amount of all the ten (10) responses so Saul thought he was the most serious about buying the yacht. Saul was also comforted by the knowledge that Gerry would give "Finally Free" a loving home. Saul told Gerry that he was not interested in any of the other nine (9) acceptance offers and wanted to try to strike a deal with him. The problem was that Gerry only wanted to pay $1.3 million for "Finally Free" so Saul sent a letter to Gerry requesting that he pay $1.5 million for the yacht. Gerry wrote to Saul and said he could possibly come up with $1.4 million. Saul responded by mail and said that he could live with the $1.4 million but that Gerry would also have to cover the luxury transfer taxes of $200,000 in addition to the purchase price. Saul advised Gerry to make a final decision and inform him by October 6th, 2020. Gerry sent his approval letter to Saul by courier on October 2nd, 2020. It was a weekend so Saul received the courier package on Monday, October 5th, 2020. Over the weekend, however, Saul had received a completely new offer from Kelvin, a successful IT consultant, on October 3rd for $1.85 million. Saul agreed to Kelvin's price and all of the terms straight away and the two of them (Saul and Kelvin) met for coffee and shook hands on the deal (not the wisest thing to do during a pandemic.) Saul knew Gerry would have taken good care of "Finally Free" but, in the end, Saul stood to make $400,000 more out of the agreement with Kelvin and "Finally Free" was, after all, just an old boat. Saul felt that there was no binding agreement with Gerry since Gerry's approval letter arrived after he had made the contract with Kelvin. Gerry comes to you and asks for your advice on the situation and whether he has a legal agreement to buy "Finally Free" from Saul. In your answer: i) identify the issue; ii) discuss the relevant legal principles; iii) relate the legal principles to the facts of the situation; and iv) provide a conclusion. (15 marks)