Zafar and Associates placed an advertisement in the local newspaper advertising their showroom for sale. Aslam offers to purchase the showroom for Rs.30 crores. Aslam tells Zafar associates to think about his offer and to get back to him at end of the week, but no later than the coming Friday at 5 pm. On Wednesday afternoon, Fareed contacts Zafar and informs him that an anonymous investor has provided a written offer to purchase the showroom for Rs.4 crores. On Wednesday morning, Zafar emails Aslam telling him that he is willing to sell his business for Rs. 3 crores to him. Zafar immediately calls Aslam and tells him to ignore the email he had sent him earlier that day. Aslam is very angry and believes that they have formed a legally binding contract.

1. Keeping in consideration the above scenario, explain whether statement contain the terms that the person is willing to be contractually bound? Are the terms of the offer definitive?
2. In the given circumstances, does Aslam or Zafar have to provide consideration? If so, on the facts, has either party provided consideration?
3. When Zafar communicated to Aslam that he is willing to sell at the proposed price, was legally binding relationship formed? Was the contract formed? If yes, support your argument with valid logic and if no, why so?
4. If Zafar had communicated to Fareed that he accepts the offer of 4 crores for his showroom and at the same time Aslam received a yes as well, who has the priority to the contract of sale? Aslam or Fareed? Discuss the rights Zafar possess with regards to sale of his property.
5. If Zafar makes the sale final and complete with Fareed totally ignoring the offer given by Aslam although he has communicated to Aslam that he accepts his offer, can Aslam attain court orders against Zafar? What shall the court consider while keeping in view position of Aslam in this whole scenario?