Drew Scott worked for Coffee & Connections and was responsible for negotiating leases for the coffee shops and finding property for his company to purchase. Coffee & Connections was interested in building a coffee shop on a tract of land close to South University in Columbia, South Carolina. Scott met with Jarvis Jones about purchasing the land. Scott judged Jones to be about $75$ years old. During the meeting, Scott noticed several brochures about assisted living facilities and Alzheimer$$s$,$ as well as some prescription bottles. After discussing the good old days for several hours, Scott and Jones agreed on the sale of the land for $$100,000.$ Since Scott brought a copy of a contract with him, he helped Jones complete the paperwork and both parties signed. Unbeknownst to either party, the purchase price was written as $$10,000.$ Two days before the closing, Scott called Jones to remind him of the location of their meeting to sign the remaining documents. Confused, Jones said he didn't know anything about selling that land and he had no intention of selling his land to some idiot who tried to cheat him.

What are the basic requirements for contract formation?

What defects in the contract formation process may have occurred?

Does Coffee & Connections have a valid contract with Jones?