Answer to Question #332525 in Law for behuexinhdep

Question

Ali was interested in buying Abu’s antique table fan. Ali met Abu and told him that he will pay him RM2,000 for it. Abu said he will think about it. 2 weeks later Abu told Ali that he will sell him the fan for RM3,000. Ali said that the price was too high and he did not want the fan. One week later, Ali received bonus from his employer. He immediately contacted Abu and told him that he will pay the RM3,000 for fan. Abu refused to give Ali the fan, saying the price had now gone up to RM4,000. Explain to Abu whether he is bound by any contract to sell the fan to Ali for RM3,000? Make references to relevant case laws and legislation.