Tabitha wants to sell her laptop to Tracy for $250. Tracy gives Tabitha her word that she will pay for the laptop when she gets paid on Friday. Tabitha gives Tracy her word that she will sell the laptop to Tracy on Friday. Has a contract been formed between Tabitha and Tracy? Why?

Question 3 options:

Yes, a contract has been formed because both Tabitha and Tracy have made promises to one another regarding the sale and purchase of the laptop.

Yes, a contract has been formed because Tracy has made an illusory promise to Tabitha to purchase the laptop.

No, a contract has not been formed because there is no written agreement between Tabitha and Tracy.

No, a contract has not been formed because Tracy has not given Tabitha a down payment for the laptop.