Reference no: EM132144670

Efficient Banking Machines (EBM) was a manufacturer of automated teller machines. On July 20, 2010 at 3:30 pm, EBM mailed a letter to Harrisonburg National Bank offering to sell certain equipment for $1,100,000. The letter concluded, “We must know your answer by July 24th. Otherwise, we will have to sell to another bank.” EBM’s letter was received by Harrisonburg by regular mail at 2:30 pm on July 22nd. At 4:30 pm on July 22nd, Harrisonburg mailed a letter to EBM in which it said it would buy the equipment for $1,000,000. This letter was delayed in the mail and was received by EBM on July 25th at 9:30 am. On July 23rd, EBM changed its mind and at 9:00 am the same day mailed a letter to Harrisonburg stating that EBM had sold the equipment to a third party. This letter reached Harrisonburg on July 24th at 10:00am. On July 23rd at 2:00 pm, Harrisonburg sent EBM an email stating, “Ignore our letter. We accept your offer of July 20th.” This email normally would have reached EBM within minutes, but due to telecommunications problems, it did not reach EBM until July 24th at 11:00 am. Is this contract required to be written? Was there a contract? Explain fully why or why not. Discuss all of the communications between the parties.