Super Grains Pty Ltd (SGP) was negotiating the sale of apples to a wholesaler called Farm Fresh Pty Ltd (FF). SGP sent a letter on 1 June 2022 to the buyer FF setting out the quantity of apples available for sale and the price of apples per metric ton at $500. The letter also stated that the stock will be available for the buyer for 14 days. The buyer FF sent back a letter dated 5 June 2022 requesting SGP to consider a reduction of the price and stated that "we can make a deal to purchase your whole stock of apples at $450 per metric ton". SGP did not reply to FF's letter dated 5 June 2022. On 14 June 2022, at the opening of business, the buyer FF sent an email saying "We accept your offer of 1 June 2022 for the sale of apples at $500 per metric ton" to the SGP. The same day the SGP replied by email saying, "You are too late. We are just in the process of selling the apples to another purchaser. Formalities will be completed by tomorrow". FF believes that a valid contract has been formed between FF and SGP. Based on the given scenario, discuss the rights and liabilities of both FF and SGP. When answering this question, fully consider the relevant principles, rules and propositions in the Law of Contract. Do not consider any matters that might arise in the circumstances under other relevant legislation.

This is a problem-solving type and IRAC format (Issue-Rule-Application-Conclusion) is required to be followed for this.a