Case 1: A Chinese Company A offered to an Australian Company B, selling them a batch of some goods. Besides some necessary transaction terms and conditions were set out clearly in the offer, the offer also indicated that the payment was made by sight L/C and the delivery was to be made within two months after receipt of the L/C. Company B replied in their letter that they could accept the offer, but asked for immediate delivery. However, Company A didn't give any answer to this letter. Then presently Company B opened the letter of credit at sight, and indicated "immediate shipment". During that time the marketing price for the goods was rising greatly. So Company A refused to deliver the goods. Question: (1) Was the sales contract established between two companies? (2) Did Company A have the right to refuse to deliver the goods?

Case 1: A Chinese Company A offered to an Australian Company B, selling them a batch of some goods. Besides some necessary transaction terms and conditions were set out clearly in the offer, the offer also indicated that the payment was made by sight L/C and the delivery was to be made within two months after receipt of the L/C. Company B replied in their letter that they could accept the offer, but asked for immediate delivery. However, Company A didn't give any answer to this letter. Then presently Company B opened the letter of credit at sight, and indicated "immediate shipment". During that time the marketing price for the goods was rising greatly. So Company A refused to deliver the goods. Question: (1) Was the sales contract established between two companies? (2) Did Company A have the right to refuse to deliver the goods?