Stewart invented "Max" a board game similar to "Tic Tac Toe". In May 2021, Stewart began negotiating with Big Board, Inc., to license "Max" for distribution outside the United States. On June 11, 2021, the parties met and orally discussed terms. As compensation, Big Board promised to pay Stewart the amount due from another board game he had developed for Big Board two years ago and an amount for the new board game to be determined by a formula of gross sales less certain costs.

On June 26, 2021, Lisa, a Big Board employee, sent Stewart an email titled "Max Deal" that repeated all terms the parties had previously orally discussed and added that the terms "have been agreed to by Big Board subject to a written contract" and was signed with an electronic signature "Best Regards Lisa". Stewart did not acknowledge Lisa's email.

On July 01, 2021, Stewart emailed Big Board a contract which included all of the terms the parties had orally agreed to, and that Stewart had signed with an electronic signature, stating that the contract needed to be signed by Big Board and returned to his lawyer within 10 days. However, Big Board failed to sign or return this contract.

Big Board subsequently displayed Max at its Berlin Toy Fair in September 2021 but was unable to make any sales to prospective vendors. After the Fair, Big Board sent Stewart an unsigned email saying that it no longer wished to license his game. No mention was made of compensation for the board game he developed two years ago.

Assignment: Analyze the facts, discuss the applicable law, and reach a logical conclusion as to whether or not there is a legal contract/agreement between Stewart and Big Board. Make reasonable assumptions when necessary to complete your analysis. Do not discuss the issue of damages. Focus solely on the issue of contract formation.