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Wakan made an offer to sell his premises worth Ksh. 2.5 m to Kimax. Kimax made a call to Wakan saying that he would buy the premises at Ksh. 2.3 m which was rejected by Wakan. Two days later, Kimax rang Wakan saying that he would buy the premises at the original price of Ksh. 2.5 m. The premises had already been sold to another person. Kimax is aggrieved and insists that he still has a contract with Wakan.
Explain the legal principles applicable in this case.
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