A man gives a woman a boat as a gift which the woman accepts. A year later, the woman then offers to give the man her old lawn mower, stating 'this lawn mower is really in consideration for that boat you gave me.' But before the woman gives the boat to the man, she decides she would rather keep it. The man sues, What happens?
1) The parties have a valid contract and thus the woman must give the man the lawnmower.
2) The woman has not breached a contract.
3) The man can successfully sue the woman on a promissory estoppel theory.
4) The contract lacks an offer and acceptance and thus is invalid.