Suppose that jack makes an offer to sell the restaurant on july 10th. hal and sophia decide to think it over. on july 15th, they mail a letter of acceptance to jack. on july 16th, hal and sophia change their mind and call jack, stating that they do not want to purchase the business. on july 20th, jack receives the letter of acceptance. would there be a valid contract? yes, a valid contract was formed on july 15th when the letter of acceptance was sent. yes, a valid contract was formed on july 20th when the letter of acceptance was received. no, because hal and sophia informed jack that they did not want to buy the business prior to jack receiving the letter of acceptance. yes, a valid contract was at the time that jack opens the letter and actually reads it.