Assignment QuestionOn Thursday 7th January 2016, Ivan advertises his piano for sale in the newspaper for $10,000, giving his telephone number as contact. James sees the advertisement and rings Ivan and makes an appointment to see the piano on Saturday 9th January 2016. James likes the piano very much, but cannot agree on a price, the highest price he can pay is $9000, while Ivan insist on $10,000.On the following Monday 11th January 2016 James receives a letter from Ivan saying the he is willing to sell the piano at $9500, and that James can have until noon on Thursday 14th January 2016 to think about it. On Wednesday James meets his friend Ben for lunch. Ben tells James that Ivan's girlfriend had bought the piano for $9000. After lunch, James goes home and post a letter to Ivan to accept the offer to sell the piano at $9500. He posts the letter immediately and Ivan receives it on Thursday morning. Ivan writes a letter back to James that states "I am sorry, but I sold the piano to my girlfriend".Advise James.