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Does Jackson have a contract with Clark

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Question - Jackson has a rare coin that he believes to be worth $50. Wanting to sell it quickly, he orally offers to sell the coin to Clark for $40 Clark orally agrees, Before Jackson gives the coin to Clark, he finds out that the coin is actually worth $150. Does Jackson have a contract with Clark?

1. No, bc they did not get anything in writing

2. No bc there is no valid consideration

3. Yes, but under these circumstances, Jackson can cancel the contract

4. Yes, bc these is a valid agreement and consideration

Reference no: EM132732749

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