Amber wants to buy Joe's house for $200,000. They agree on a price and a closing date. The two shake hands and agree to meet on the closing date, at which time Amber will give Joe the $200,000 and Joe will deliver title to Amber. Do Amber and Joe have a contract?

Yes. Only consideration is needed for a valid contract.

No. A licensed agent must be involved in the transaction.

No. According to the statute of frauds, real estate sales contracts must be in writing.

Yes. Since they agreed on the terms, they have a valid contract.