Obligation and contract of the Philippines Juan offered to Pedro his parcel of land located in Dumaguete City consisting of an area of 230 square meters for an amount of Php500,000. Pedro agreed to it. On the day of the signing of the agreement however, Juan decided to increase the purchase price in the amount of Php750,000. Pedro insisted that Juan cannot anymore increase the purchase price because there was already a valid contract between them. A. What are the essential elements of a valid contract? B. In the problem above, is there a valid contract between Juan and Pedro? Why or why not? Explain