Adam orally offers to sell Brian 25 premium-grade, Bic brand, black ink pens, but does not state a purchase price for the pens. The pens normally retail for about $5 each. Brian orally accepts Adam's offer. Immediately after Brian accepts the offer, Adam decides he wants to back out of the deal and refuses to deliver the pens to Brian. At this point, which of the following is true?

Group of answer choices

There is a contract because a reasonable price for the pens can be implied by a court.

There is no contract because the offer did not contain all essential terms of the agreement.

There is no contract because the agreement was not in writing and signed by both parties.

There is a contract because under the common law, all of the essential terms were agreed to.