Legal Principle: A counter offer doesn’t give rise to contractual binding. Factual Situation: D wrote to P on November 28, 1971, offering to sell 800 tons of iron at 6,900 per ton. On the same day, P wrote to D offering to buy 800 tons of iron at 6,900 per ton. The two letters crossed in post and neither of them knew any thing about the offer to the other. P contended that there was a good contract. Issue: What is the nature of contract and liabilities of the parties? Decision: