Assignment Question Wan A.[1] described a contract as "... fundamental to any sophisticated commercial economy. It stipulates rights, duties and remedies between individuals who require certainty when supplying goods and services" A contract is comprised of several essential elements such as offer and acceptance, intention, capacity, consent and consideration.Part (c) It has been argued that certain areas of contract that date back to the 1800's when many contracts were made by post are anachronistic. The postal rule of acceptance is one such rule. Assume that Parliament is in the process of introducing a Contracts Act that would consolidate the existing law of contract and update parts of the law that are anachronistic. Write a short report to Parliament recommending three changes that should be made with respect to the elements of contract. In your answer state the reasons that the law is anachronistic and why it needs to be updated