Allen Iverson offers to pay LeBron James $5,000 if he obtains his bachelor's degree in business from the University of Phoenix, where he is currently enrolled in his third year. James accepts, and two years later (one more than Allen expected) he obtains his degree from City. Allen Iverson, dissatisfied with the length of time LeBron needed to graduate, ________________.

1.does not need to pay LeBron James because getting a degree is for his benefit, not Allen Iversons.

2. still needs to pay LeBron James because a valid contract was accepted and his performance made it enforceable.

3. still needs to pay LeBron James, unless at the time the contract was formed LeBron knew that Allen was expecting the degree to be obtained in four years.

4. does not need to pay LeBron James because she was already attending City University.