The Golden Lake Mining Company decided to dispose of two of its undeveloped mining properties (Aand B) and authorized the company president to find a buyer. On September 10th, the president wrote aletter to the East Country Exploration Corporation offering to sell the properties “en bloc” for $500,000.On September 16th, East Country Exploration Corporation replied by mail to the letter in which itexpressed an interest in the purchase of property A at a price of $275,000 if Golden Lake Mining wasprepared to sell the properties on an individual basis.On September 22nd, the president of Golden Lake Mining replied by fax that he would prefer to sellboth properties, but if he could not find a buyer for the two parcels within the next few weeks, theCompany might consider selling the properties on an individual basis.

On September 30th, the East Country Exploration Corporation made an inquiry by fax to determine ifGolden Lake Mining had decided to sell the properties on an individual basis. The president of GoldenLake responded with a fax that stated: “Still looking for a buyer for both properties.”Following this response, East Country Exploration decided to examine property “B,” and sent out itstwo geologists to do a brief exploratory evaluation. On October 6th they reported back to say that theyhad examined property B and found some surface evidence of what might be a potentially economic orebody worth between $5 million and $15 million. East Country Exploration then prepared a letteraccepting the offer of Golden Lake Mining to sell properties A and B for $500,000. The letter was mailedon October 9th.On October 10th the president of Golden Lake Mining Company found a buyer for the B property at aprice of $300,000, and signed a sale agreement the same day. He then wrote a letter to East CountryExploration in which he accepted their offer to buy the A property for $275,000. The president of GoldenLake Mining received the October 9th letter of East Country Exploration on October 11th.

Discuss the issues raised in this case, and indicate in your answer how the case might be decided if itwas brought before the court.