Todd ran the following advertisement in the local newspaper:

"FOR SALE:Local bakery business, with or without equipment.Property address 300 St. Route 5, Blackacre Township.Call for information, all reasonable offers made in person will be entertained."

Alexis was elated.She had been dreaming starting a gluten free bakery.She immediately sent the following letter to the address in the advertisement:

"Dear Todd,

I accept your offer, and will meet with you in 20 days to take possession of the bakery and equipment.Enclosed is a check for $1,000,000.

Alexis!"

Alexis started to make plans for her move on her way home from the post office.She called and quit her job, called a realtor put her home up for sale and stopped to rent a moving truck.

Bali owned a bakery down the street from Todd's and was upset when he saw the advertisement.He didn't want a new competitor to open up.Bali grabbed his coffee and walked over to see Todd.Bali told Todd he thought the bakery and equipment was only worth $500,000, and would be willing to pay that amount in cash in 20 days.Bali told Todd to think it over and he'd know if they had a deal when he showed up with the cash to close the deal.Todd asked if Bali as he was leaving if he would "go up to $750,000 for the bakery and all the equipment?"Bali did not respond and continued to leave.

On the 19^th day, Todd ran a new advertisement in the newspaper stating:

"Thank you for all the interest. The bakery is Sold!"

On the 20^th day, Todd called at 10am asking Bali to come over at 4pm.At 1:00 pm Todd received the letter and check from Alexis in the mail.At 4:00pm Bali arrived with a check for $500,000.Todd took his check and told him the bakery was his.

As Todd walked out of the building Alexis pulled up in her fully loaded moving van, having sold her suburban home and having quit her job.Alexis demanded the keys to the bakery and all the equipment.Todd told her the keys were inside, and while waiving her check, exclaimed "You have a deal for the bakery!" as he drove off into the sunset.

1. Who owns the Bakery? Explain.Be sure to identify each potential offer and acceptance by Todd, Alexis and Bali.