After an hour of negotiations with your local car dealer, you entered a written contract to purchase a car from that dealer for $25,000. The contract requires you pay a deposit of $5,000 ( which you provide) and payment of the balance in a fortnight's time when the car is delivered to you.

Explain whether you agree or disagree with the following statement, referring to contractual rules and definitions, as well as to cases or legislation (where applicable):

-You do not yet have a valid contract because you have not paid the full price, so consideration is missing.