Tullula Investments Ltd is a large New York company, which owns and operates many hotel and restaurants throughout state. Italian Cuisine Ltd, a food and catering business whose headquarters are in Newark, NJ, supplies goods commonly used by businesses such as Tullula Investments Ltd. On September 1, 2014, Italian Cuisine Ltd sent a fax to Tullula Investments Ltd, which read:
"Can offer latest 'Speedy Pizza Ovens' at $100 each."
On October 1, 2013, Tullula Investments Ltd faxed a reply stating: "Will have four dozen. Need delivery by November 1, 2013." Upon receiving the fax Italian Cuisine Ltd then wrote back to Tullula Investments Ltdsaying "thank you for your fax which is receiving our attention".
Subsequently and prior to November 1, 2013, Italian Cuisine Ltd packed the pizza ovens and loaded them on a van for delivery to Tullula Investments Ltd, but before the van set out, Tullula Investments Ltd phoned Italian Cuisine Ltd to say that they no longer needed the ovens.
Explain the legal positions of Tullula Investments and Italian Cuisine in relation to the law of contract, covering such issues as contract formation, performance and breach, and possible damages.