On July 10,a Chinese company sent an offer by telex to an American company: selling 300 tons coffee beans, each metric ton at the price of USD1,900CIF New York, firm offer standing for 2 weeks. On July 22, the Chinese company learned that the price of coffee beans on the international market has raised by 30%.Just only on the morning of July 22,the US company telexed back an acceptance.
Questions:
1)Can the Chinese company raise the price of coffee beans from USD 1,900 per ton to USD 2,500 per ton? Why?
2) Dose the offer have legal binding force towards the offeror (the Chinese company)? In this case ,can the offeror withdraw his offer?Why?