This is your introduction to the basic elements of a contract: mutual assent, consideration, capacity, and legality. Now read the following case and prepare the analysis discussed at the end of the case:

Thelma, a 16-year-old student at Marysville High School, purchased a lightly used bicycle at a garage sale for $25. The bicycle is five years old and is in good condition. Louise, a 42-year-old busy business executive, lives next door to Thelma's family in Marysville. Louise is overweight and her doctor suggested that she ride a bicycle to her office each day as part of an exercise program. One evening, as she drove her 1965 Ford Mustang convertible into her driveway after a long and hectic day at the office, Louise saw Thelma riding her bicycle. Louise told Thelma it was a nice-looking bicycle and asked her about its age and condition. Thelma said, "It is five years old and in good condition." Louise said, "I need a bicycle like yours and don't have time to shop for one. I'll give you $200 for your bicycle." Thelma replied, "I wasn't thinking of selling the bicycle, but you are offering a good price, so I'll sell it to you." Louise pulled four $50 bills out of her pocket and handed them to Thelma. Thelma gave Louise the Bicycle, who pushed it into her garage. The next day Thelma deposited the cash into his bank account and began looking for a new bike.

Does a contract exist between Thelma and Louis? Discuss whether each of the elements of a contractmutual assent, consideration, capacity, and legalityexists in this case.