Situation 1;

'I have decided to retire to Eastbourne and need to sell much of my cherished furniture that you admired on your recent visit. I know that you particularly liked the Queen Anne table and I want to offer it to you for 9,600, which I'm sure you will agree, is a very reasonable price. Let me know as soon as possible if you wish to go ahead with the purchase as there will no doubt be others interested in acquiring this beautiful table.' Basil immediately sent the following fax message to Sybil:

'I certainly wish to accept your offer but would find it difficult to find the 9,600 in one payment. Would you be prepared to accept payment in four monthly instalments of 2,400?'

Having heard nothing further for five days, on the 20th February, Basil posted a letter to Sybil purporting to accept the offer to sell the table at the initial price of 9,600.

After posting the letter, Basil purchased a copy of the local newspaper and was interested in an advertisement placed by Manuel detailing an antique table for sale at 7,000. After inspecting the table, Basil decided it was worth far more than 7,000 and that this would be a better purchase than the table offered by Sybil. Basil immediately telephoned Sybil's mobile telephone and left a message on her voice mail service telling Sybil to ignore the letter that would arrive the next day because he had changed his mind about purchasing Sybil's table.

When Sybil arrived home on the morning of 21 February, she listened to her voice mail messages and then opened her post, including the letter from Basil.

Sybil is insisting that Basil made a binding contract to purchase the table.

Does a binding contract exist between Sybil and Basil?