X offers in writing to sell his land to Y and further promises (in writing) to keep this offer open until the end of this quarter so that Y will have time to think it over.X realizes that he really doesn't want to sell the land at this time after all, and sends a letter to Y before the quarter telling him the deal is off.What best describes the legal obligations in this fact pattern?

1) The Statute of Frauds requires contracts for the sale of land to be in writing, therefore a contract has been formed and X must sell Y his land.

2) Because this transaction is governed by Common Law, X is allowed to revoke his promises before they are accepted.

3) Because X's offers are written, Y is obligated to buy the property at the end of the quarter.

4) Y can force X to keep his promise open until he has time to think it over.