Part I

Draft a scenario which describes an exchange of promises between two people that would qualify as a valid contract. Name the elements required for a valid contract and identify the facts in your scenario that support the finding of each one of these.

Part II

Change the facts in your scenario so that the transaction no longer would qualify as a valid contract.Explain why the change you have made in the facts would have this result. In your answer, be sure to refer to the elements required for a valid contract.