Sam Had Been a Friend of Joe's for a Considerable

Sam had been a friend of Joe's for a considerable period of time and had often accompanied him as he sailed his classic yacht.Sam had often communicated to Joe how much he would like to have it.On Friday night,a friend told Joe that Sam had suffered some business reverses and was going to have to get rid of the yacht.Joe immediately wrote Sam a letter offering to purchase the yacht for $25 000.Unknown to Joe,Sam had written Joe a similar letter offering to sell the yacht for $25 000.These two letters had passed in the mail.Joe received Sam's letter about 12 noon on Saturday,and Sam received Joe's letter about 2:30 p.m.on Saturday.Are these people bound in contract? Explain.