Jas was a talented auditor. She had served in a multinational firm for many years. Recently, she moved from the firm to a new company as the chief finance director. After she assumed her new position, she entered a bid for a construction project made by the company and signed by her. Days before the decision on the tender was made, Jas considered that it might not be appropriate for her to sign on the bid.

Required

(a)Explain the above situation in terms of the essential elements in a contract formation.

(b)State whether Jas may withdraw the bid should the board of directors and shareholders refuse to do so.