Short answers. This section is worth 40 points. Each short answer is worth 5 points. Please list the elements of a valid contract Please list the elements of Fraud. If Lisa is 17 and 360 days old and makes a contract with RentACenter, what are the ramifications of her actions? Can Lisa make a valid contract? Why or why not? What happens if she contracts, pays, reaches the age of majority and pays? What happens if she contracts, doesnt pay, reaches the age of majority and doesnt pay? In what scenario would Lisa have to pay a creditor? What type of incapacity defines a minors contractual capacity? What are the three requirements for a valid offer? List the five contracts that must be in writing? (Hint: Statute of Frauds) Aries Inc. took the following actions regarding its employees: (a) Aries agreed to pay Randy a $5,000 bonus for extra services that Randy voluntarily performed the previous year; (b) Aries agreed to pay Fred a $1,00 bonus in exchange for his promise not to breach an existing contract with Aries; and Aries refused to perform a one-year contract with Hill because Areies had contractually agreed to pay Hill $30,000 pursuant to this contract, but his services were only worth $15,000. Is the agreement with Randy legally binding? Explain your answer. Is the agreement with Fred legally binding? Explain your answer. Is Aries entitled to refuse to perform its contract with Hill because the consideration it is receiving is inadequate. Explain your answer. 7. List the six ways that an offer can be terminated. 8. List the eight ways that contracts are discharged by agreement. Extra Credit. Please list on the cover name sheet above that you have completed the extra credit. Please be honest. What can Professor Lee do to improve this class to make it a more pleasant learning experience for the students? Do not place your name on the extra credit sheet. Please turn in the extra credit at the beginning of the next class.