On Monday, Company A sends the following letter to
Company B: "We have 500 widgets available for you to purchase. We propose to sell them to you for $100 each. This offer is to remain open until Friday." On Thursday, Company B sends the following reply by mail: "We accept your offer." Company A receives this letter on Monday.
Have the two Companies formed a legally binding contract?
Yes, because of the mailbox rule
No, because of a lack of consideration
Yes, because Company A's time limit is ineffective
No, because Company A's offer in not definite