stock market questionernest had heard that jack was thinking of selling

Ernest had heard that Jack was thinking of selling Jacks farm in Dubbo, NSW. On 28 April 2016, Ernest wrote a letter to Jack, in the following terms:
Are you interested in selling the farm? If so, at what price?
Jack received the letter on 29 April 2016 and replied that day by email addressed to Ernests email address :
I will sell you the farm for $900,000. The terms and conditions will be those in the NSW standard form real estate contract. Please reply by email before 5 May 2016.
On 1 May 2016 Ernest sent a letter to Jack, saying:
I accept your offer to sell the farm and surrounding grounds for $900,000.
However, on the same day the market went into a spectacular dive, and by 5 pm Ernest had lost a lot of money. Feeling that he could no longer afford the farm, he sent an email to Jack, which Jack received at 6 pm.
Ernests email stated:
I no longer wish to purchase the farm.
On 4 May Ernest recovered all of his losses on the stock market and made a profit. He telephoned Jack to say that he would now purchase the hall for $900,000. Jack told Ernest he was sorry but had decided to sell the farm to Gwen who had made an offer of $950,000.
Discuss in a problem-solving format whether Ernest can insist that he has a contract with Jack to buy Jacks farm for $900.000.

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