Business Law Case Study Question

There is a case law which found on the web regarding on the
law of binding contract.
It was 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 stated that if Bond did not give
a reply within this two weeks James will made an assumption that
Bond had accepted that offer. However, Bond did no reply on this.
Therefore, James claim that there is a binding contract between
him and Bond.

However, i personally think that there is no binding contract in
this issue. Silence never represent acceptance. Other than that
to make a binding contract to be lawful, there are six elements to
be considered. The elements are :
1) Offer
2) Acceptance
3) Mutual Agreement
4) Capacity
5) Consideration
6) Legality

Therefore , i think there is no binding contract developed
between them in this issue.