A representative of your alma mater's alumni association contacts you about giving to the annual fund. You pledge $500.00, as you always give something each year. You receive a letter from your school confirming the pledge and enclosing a form with a return envelope for your contribution. However, after you made your pledge, your company cut back on your hours substantially decreasing your salary. You contact your school, explain your situation and verbally withdraw your pledge. The school keeps sending you letters to pay your $500.00 pledge. They sue you. What are the arguments presented by both sides of the lawsuit?