These questions are about the business law. Please help me to answer the questions about the part3 of the photos. Thank you very much.

PART I. When is a contract formed? The T-Shirt Factory is a company that owns a chain of retail clothing stores in the US. Its CEO was visiting Hong Kong and saw an advertisement for a Bruce Lee exhibition at the Hong Kong Cultural Museum. The advertisement was on the side of a city bus. The CEO knew it would be very popular in the US with teenage boys, because Bruce Lee is a hero to many teenage boys in the US now. +' The T-Shirt Factory CEO paid a visit to the museum and talked to its director, who had full authority to make decisions for the museum. After explaining his interest, the following conversation took place: (1) CEO: "I would like a license to use that design on T-shirts, including the words and images."+ (2) Director: "I will license of the design for T-shirts only."+ (3) CEO: "OK, I will pay $50,000% (4) Director: "OK, the money is fine, but for how long will you get to use this design?" (5) CEO: "For one year, as many as I can make in that year. (6) Director: "OK, but only one style of T-shirt, as many as you make that year."- (7) CEO: "OK." (8) Director: '"I agree."- (9) The two men then put this all in writing. Assume nothing in the writing was different tharn the terms just stated. +' QUESTIONS: 1. At what point in the meeting, if ever, was a contract between T-Shirt Factory and the Hong Kong Cultural Museum formed? Explain your answer.^ 2. What were the terms? List them