Irving Levin and Harold Lipton owned the San Diego (now Los Angeles) Clippers Basketball Club.On December 3, 1997, Levin and Lipton met with Philip Knight (the founder of Nike) to discuss the terms of a sale of the Clippers to Knight.At the meeting, Levin took notes of the all the pertinent points of the agreement.Knight, Levin and Lipton all initialed the notes of the meeting.On December 13, Levin's attorney sent Knight a letter and a proposed sale agreement, including all points discussed on December 3.On December 15, Knight informed Levin that he had decided not to buy the team and would not sign.

Levin and Lipton sue Knight for breach of contract for not completing the sale.What result and why?