Sam Had Been a Friend of Joe for a Considerable

Sam had been a friend of Joe 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 the boat.On Friday night,a friend told Sam that Joe had suffered some business reverses and was going to have to get rid of the yacht.Sam immediately wrote Joe a letter offering to purchase the yacht for $25 000.Unknown to Sam,Joe had written Sam a similar letter offering to sell the yacht for $25 000.These two letters passed in the mail.Joe received Sam's letter at about noon on Saturday,and Sam received Joe's letter at about 2:30 p.m.on Saturday.Are these people bound in contract? Explain.