On 9 February 2010, James received a written offer from Bond for the purchase of James's antique car for the sum of RM55,000. The letter expressly stated that if Bond did not reply within two weeks James would presume that Bond had accepted the offer. Bond did not reply. James now claims that there is a binding contract between him and Bond. State whether there is a binding contract between James and Bond. Give reasons for your answer. (50 marks)