Address the following question (be sure you go through each of the elements of a valid contract in completing your answer).

Michael signs a contract with a music company to receive monthly CD's of popular albums. The cost of the CD's are $600.00 per year, payable in monthly installments of $50.00 each. Michael is 17 at the time he signs the contract. When there are only 2 installments left he seeks to rescind the contract. Can he do so? Same facts as above, but at the time Michael enters into the contract he has consumed cocaine. Is there any difference in your result?

Be sure to explain your answers from Terence, Lau, & Johnson. (2019).The Legal & Ethical Environment of Business.Boston,MA:FlatWorld