At noon on April 1, Alan verbally offered to sell his Marklin model train to bill for $200. Bill said he was interested but needed a few days to think about it. Alan responded "Sure, go ahead and think it over." Two hours later, Bill came to Alan's house and declared "I accept your offer." Alan explained that he had just sold the set to someone else. Bill sued for breach of contract. Which of the following is the most likely outcome of Bill's lawsuit?

1. Bill will lose because no mutual assent occurred in order to form a contract
2. Bill will win because a contract was formed at noon on April 1
3. Bill will lose because $200 was not adequate consideration
4. Bill will win because he can establish that Alan's offer was still valid when accepted at 2:00 pm on April 1