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Email agreement = contract?

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News site worked on a deal with a retailer to advertise on the site in exchange for payment per month with retailer's VP of E-business.
After discussing specifics, he got the ok to move forward from the board.
In an email, it was stated "The final approval came through so we will do the main banner ad for $100 a month payable six months at a time". We prepared a writen contract and sent it over the next day (Friday). On Monday we learn that the company will be purchased in two weeks and that the Ebusiness division will no longer remain, thus our deal was cancelled.

Based on the agreement in the text of the email (along with the trail of negotiation emails), does this count as a contract even though the actual written contract was not signed?

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