Sarah emails Annelise offering to buy her house for $1,000,000. The email also indicates that Sarah will keep her offer open for six weeks. Annelise replies with another email saying, “Hey thanks, I will come back to you shortly. I just need to check a couple of things with my accountants. Cheers.”

Three days before the 6 weeks expires, and before Annelise has accepted, Sarah sends another email to Annelise withdrawing her offer.

In the meantime, however, Annelise had bought a new house in Venice Beach, assuming that hers would be sold to Sarah. This cause a real shock when Annelise finds out that sale might not go ahead.

Which statement or statements is (or are) CORRECT?

   i. As there was an option contract between Sarah and Annelise, the former was not entitled to revoke the offer within the 6 weeks.

   ii. As there was no option contract between Sarah and Annelise, the former was entitled to revoke the offer within the 6 weeks.

   iii. Under the Electronic Transactions Act, in a case like this revocation takes effect once the offeree reads it.

   iv. Under the Electronic Transactions Act, in a case like this revocation takes effect once the email becomes capable of being retrieved by the addressee (i.e. when it enters the information system), even if it hasn't been read and even if the recipient doesn't know it is there.