500 wordsCase AnalysiseBay is one of the biggest online auctioning companies in the world. Buyers and sellers of all types are able to hop online, put up something for sale, and sell it! Basically, the way it works is that you find something you want to bid on, place a bid on it, and wait to see if your bid wins. If it does, you send your information to the seller, and in return, he or she sends you your goods.Is an eBay auction a legally-binding contract? In a minimum of 500 words, consider whether a bid placed in an online auction on eBay is legally binding and, therefore, enforceable. Explain your reasoning using the elements of contract analysis that you have learned thus far, including valid offer, valid acceptance, and the various forms of consideration.Cite any direct quotes or paraphrased material from outside sources. Use APA format.