On August 1, Daniel visited local the electronics shop to purchase a new TV. He saw one he liked but was not sure if he could afford the 850€. The store owner agreed to write up and sign an offer stating that it would be held open for ten days, which he did. On August 2, the owner changed his mind and sent Daniel an e-mail revoking the offer, which Daniel received immediately. On August 3, Daniel sent a reply e-mail accepting the original offer.
o Is there a contract in the above-mentioned case? Explain why/why not.
o In interpreting agreements for the purpose of establishing whether a valid contract exists, what standards are generally applied by the courts?
o What is understood as offer in Contract Law? When is an offer valid?
o What is an acceptance under Contract Law? When is an acceptance considered effective?