what is wagering agreement

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How to find annuity factors in goodwill calculation in partnership chapter accountancy

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Can anyone solve this question with explanation???

X offered to sell his house to Y for ` 50,000. Y accepted the offer by E-mail. On the next day Y sent a fax revoking the acceptance which reached X before the E-mail. Is the revocation of acceptance valid? Would it make any difference if both the E-mail of acceptance and the fax of revocation of acceptance reach X at the same time?

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