Travis Sells a Violin Travis inherits a valuable violin from his grandfather. After taking it to several experts to determine its value, he places an ad on a violinists' website offering to sell it for $20,000. Madelyn, a music school graduate who is looking to upgrade to a professional instrument as she begins auditioning for symphony orchestras, thinks the price of Travis's violin is a bargain. That same violin, purchased new, would cost about $30,00 p. Madelyn emails Travis and arranges to meet him so that she can play the instrument. After an hour of playing the violin, Madelyn says to Travis, "I love this violin, and I want to buy it from you." Travis responds, "Yes, I will sell it to you for $20,000." Madelyn replies, "l agree to that price. Will you accept a personal check?" Travis says, "No, I will need a cashier's check from the back for the full amount." QUESTIONS 1. In this scenario, who is the offeror? Who is the offeree? 2. In the contract between Travis and Madelyn, what are the two considerations? 3. Is the contract between Travis and Madelyn a unilateral contract or a bilateral contract? 4. Is the contract between Travis and Madelyn formal or informal? At the moment that they agree to the contract, is it executory or executed? And is it express or implied