Household Fire Accident Insurance Co v Grant (Contract Law - Acceptance)

Mr Grant applied for shares in the Household Fire Accident Insurance Co. The company posted him a letter to accept this offer. Unfortunately the letter was lost in the post and never reached Mr Grant. Later on, the company went bankrupt and demanded payment from Mr Grant for the shares. Did they have a valid contract, even though the letter of acceptance did not reach him? (Hint: refer to the 'Postal Rule')

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