Unit IV AssignmentInstructionsCase 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 at least two pages in length, consider whether a bid placed in an online auction on eBay is legally binding and, therefore, enforceable. Explain your reasoning using the rules of contract analysis that you have learned thus far, including valid offer, valid acceptance, and the various forms of consideration. Include an introduction in your paper.One source is required for your paper. Adhere to APA Style when creating citations and references for this assignment. APA formatting, however, is not necessary.