Evelyn Kovak, an 88 year old widow, and her son, Peter, put their savings into accounts managed by Smith Barney. Later, they initiated an arbitration proceeding before the National Association of Securities Dealers (NASD) asserting that Smith Barney fraudulently or negligently handled their accounts. They asked for an award of $832,000. After the hearing, but before a decision was rendered, Smith Barney offered to pay the Kovaks $285,000, and they e-mailed their acceptance. Smith Barney signed a settlement agreement and faxed it to the Kovaks for their signatures. Meanwhile, the NASD issued an award in the Kovaks' favor for $88,788. Smith Barney immediately told them that it was withdrawing its settlement offer. When Smith Barney did not pay according to its terms, the Kovaks filed a suit in court against Smith Barney for breach of contract. Did these parties have a contract? Why or why not?