Spouses Ryan and Blake negotiated with Leighton about the possibility of buying certain units at a subdivision developed by Penn for them to be qualified to obtain loans from Ed. They paid an amount for which Leighton issued them receipts in her own name. Ed disapproved their loan application. Pen advised them to seek other sources of financing. In the meantime, they were allowed to remain in the subject premises. Is there a perfected and enforceable contract of sale over the disputed housing units?