Asejere Nigeria Limited operates a retail supermarket chain in Ikeja, Lagos. In November 2023, due to a printing error by an inexperienced store clerk, a high-capacity industrial generator was displayed on the showroom floor with a price tag of ₦250,000 instead of its correct price of ₦2,500,000. Mr. Babatunde, a prospective customer, noticed the price tag, immediately pushed the generator to the checkout counter, and presented ₦250,000 in cash to the cashier. The store manager intervened, explained the pricing error, and refused to sell the generator at that price. In a separate transaction on the same day, Chief Okon sent a formal letter to Asejere Nigeria Limited offering to purchase 10 units of smaller generators at ₦2,000,000 per unit. On receiving the letter, Asejere Nigeria Limited replied via email stating: "We accept your offer, but the price per unit will be ₦2,200,000." Chief Okon did not respond to the email. Three days later, Chief Okon wrote to Asejere Nigeria Limited stating that he was now ready to take delivery of the 10 units at the original offer price of ₦2,000,000 per unit. You are required to: (a) Advise Mr. Babatunde whether a binding contract was formed when he presented the generator and money at the checkout counter. (8 marks) (b) Advise Chief Okon on whether a valid contract exists between him and Asejere Nigeria Limited for the purchase of the 10 generators at ₦2,000,000 per unit. (8 marks) (c) State four essential elements required for the formation of a valid simple contract under Nigerian law. (4 marks) (Total: 20 marks)