7. Epton orally bargained for an option to buy a 54% share of the ownership of the Chicago White Sox baseball club for $4.8 million from the defendant CBC Corporation. The option,
which was to have been reduced to writing, was to last one week in exchange for the payment
of $1,000 by Epton. To exercise the option within the week, Epton was supposed to give CBC
a certified cashier's check for $99,000 as a down payment. Epton was also to notify the
corporation in writing that he was exercising his option. Twice during the week, Epton orally
assured CBC of his intent to exercise the option and he also offered to pay the $99,000 as
soon as the option was signed by CBC. After the week had passed, CBC refused to sell, and
Epton sued. He claimed that his oral notice of intent to exercise the option was sufficient. He
said that failure of CBC to sign a written option agreement excused both the requirement of a
written exercise of the option by him and the necessity of the $99,000 deposit.
a. Who should win and why? Explain.