Use IRAC for the following:

Leo is a manufacturer of electric guitars who annually produces a new line of limited-edition guitars for sale in music shops. The guitars are so popular that they sell out every year. Jimi is a well-known guitar player who plans to open on online store selling guitars. Jimi has always liked Leo's guitars and uses them for his own gigs. He knows Leo's guitars are popular among other guitar players, too, and wants to distribute an exclusive line of Leo's guitars through his online store. Jimi calls Leo and says, "I am thinking of opening an online music store. I know how popular your guitars are, and I would like to purchase your entire output of guitars for next year so I can sell them exclusively through my store. If you agree, I will pay you $750 per guitar. Are you interested?" Leo responds, "I've been doing this a long time, and I may retire before next year. I don't know how many guitars I will manufacture next year; I may close up my shop. But I like the terms you are offering, so if I am still in business next year, you have a deal." Jimi responds, "Great!" Jimi follows up his conversation with Leo with a signed letter memorializing the terms of their agreement. Leo never responds to the letter. Two months later, Leo informs Jimi that he received a better offer for his guitars from a different music store, and he will not perform his agreement with Jimi. Jimi sues Leo for breach of contract. Will he prevail?