Waheed decides to sell his GN Cycle and he puts an advertisement in ibay.com. The advertisement reads, 'GN Cycle for sale, excellent condition, price: 40000/-. Please phone or come to my house to see the cycle.' On Monday morning Ali telephones Waheed and offers to buy the cycle for 35000/-. Waheed refuses to accept his offer. Later that day Ali changes his mind about the cycle and telephones Waheed. Waheed is out so he leaves a message on his phone saying, 'I agree to give you the full asking price of 40000/- for your cycle and will be round to collect it tomorrow'. On Tuesday morning, Shaan sees the eBay ad and writes a letter of acceptance to Waheed enclosing a cheque for 40000/-. He immediately puts the letter in the post box. On Tuesday afternoon Ahmed goes to Waheed's house but Waheed is out, so he puts a note under the door saying, 'I have had a good look at your cycleit is just what I wantI enclose a cheque for the full asking price of 40000/-'.

Explain to Ali, Shaan, and Ahmed if they have a valid contract to purchase Waheed's cycle, giving full reasons with case illustrations.need an answer in IRAC format, like issues, laws, application, and conclusion with relevant sections of law of contract