A orally offers to sell B 100 premium-grade fountain pens but neglects to state the price. Such pens typically sell for $1 each. B orally accepts. Immediately thereafter, A tries to back out of the deal. At this point in time, which of the following is most likely to be true?
1) There is no offer and no contract because the offer is indefinite.
2) There is no offer and no contract because the offer must be in writing.
3) There is a contract, if the parties intended to make a contract and there is a reasonably certain basis for giving an appropriate remedy.
4) There is a contract, because the offer contained all material terms.
Select the correct answer from the choices above.