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Tarun who is the owner of a mountain bicycle writes a letter to Satish on March 15, offering to sell him his bicycle for 50,000/-. The letter also mentions that the offer will be open till 20th March 2015. On 18th March 2015 at 3:50 pm. Satish posts a letter of acceptance to buy the bicycle which reaches Tarun at 8:30 pm. The same day. Before that at 1:10 pm. Tarun has already posted a letter of revocation with reaches Satish at 5:30 pm. Critically examine whether a binding contract has been entered between Satish and Tarun citing relevant provisions of the Indian Contract Act, 1872. (10 marks)
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