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.

Q#: 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?