I promised someone that I would enter into a contract with them in the future. Basically I promised that I'd sell them a website for a fixed price in the future. This was an informal, oral agreement, and there was another person who witnessed it.
Am I obligated to carry out this promise? My understanding of the business law says that oral contracts are not as solid as written contracts.
EDIT: More context. The domain name was covered by the press a few times due to my work on the site that I built for it. My promise to sell the domain name to this person was definitely suggestive in nature, and it was more of a tacit nod of the head than "Yes, I will sell you this at this price." We were having dinner 2 weeks after I launched the site, which was not supposed to be about this sale, and he told me he really wanted to build a site on this property himself, it was very important to him, etc., and he made the suggestion that "in a couple of months I can just give you whatever you paid for it and you can transfer the name to me"..I wasn't prepared for the offer, and I didn't handle it very well in hindsight. I did not reject it out of hand because I didn't want to hurt him.