Mrs. Theron is the CEO of Pretty Petunia Inc, she owns three (3) flower shops in the greater Durban area. The business has been rather successful during the festive season, however Mrs. Theron wishes to introduce themed gifts for special occasions at her flower shops. She does not have the expertise, and wishes to contract an event planning company. Mrs. Jolie is the CEO of Dainty Lady Events Inc, and is interested in the social media advert which was posted on Pretty Petunia Inc's social media page. She approaches Mrs. Theron with a business proposal. Mrs. Theron is extremely impressed with the innovative business plan presented to her. Mrs. Theron approaches you for legal advice as she wants to ensure that the contract entered into with Dainty Lady events Inc is legally binding and valid in law. Question 1 (16 Marks) Advise Mrs Theron as to what the requirements are for a valid contract. (You are required to list the essential elements for a valid contract, and thereafter demonstrate an independent application of the essential elements by providing examples for each element respectively. You may relate the examples to the scenario provided above)