BUSINESS LAW 1 Running Head: BUSINESS LAW Business Law Author Note Issue According to the facts provided through the case study the issue which has to be analyzed is that whether a contract has been formed between Penny and Ron and if yes when the formation did took place. This offer was valid to be accepted for the next two days A letter had been posted by Penny on 3rd February that she wants to accept the offer which had been made by ron and purchase the horse for a price of $10000