$1.$ What are the elements of a valid contract? $[10$ points$]$

$2.$ What is risk of loss? $[5$ points$]$

$3.$ When does the UCC $($Uniform Commercial Code$)$ apply to a contract? $[5$ points$]$

$4.$ In making sure that you have a valid contract, do you need to actually draft a document or can emails form a valid contract? Is the answer to this question the same under common law and the UCC? $[10$ points$]$