You are an assistant to the attorney for ABCD company. To complete this assignment you must write a two-to-three page report discussing the issues and likely outcome of the case below: Several months ago, WXYZ Co. CEO met with ABCDs CEO for lunch to discuss potential business ventures between both companies. After several glasses of wine WXYZs CEO offered to buy from ABCD a 20 acre parcel of waterfront land located in the Florida Keys. WXYZs purchase offer was for $50 million but ABCDs reply was that it would sell the land only at $70 million. Since WXYZ had so much interest in this piece of land, its CEO told ABCD that he would have to meet with the rest of its board to make a decision but that he would pay ABCD $10,000 to keep the option to buy the land open for 30 days. ABCDs CEO, agreed and wrote in a piece of paper that in exchange for $10,000 ABCD was giving WXYZ the option to buy the land in question within 30 days at a $70 million price. WXYZ then gave ABCDs CEO a $10,000 check which they promptly cashed. On day 20th, WXYZ met and it unanimously agreed to buy the land from ABCD at $70 million. That same day, its CEO sent ABCDs CEO a fax confirming that they were accepting ABCDs offer to buy the land. Upon receiving the fax, ABCDs CEO called WXYZ to inform them that the offer was off the table and that the price for the land was now $90 million which WXYZ refused to pay. Two days later billionaire Richie Moneymaker offered to buy the land from ABCD for $100 million. WXYZ is now demanding that ABCD honor its word and sell them the land for the original offered price.