Question: Briefly list the elements that must be present for any contract to be valid and enforceable. Explain the difference among a (i) valid contract; (ii)

Briefly list the elements that must be present for any contract to be valid and enforceable.

Explain the difference among a (i) valid contract; (ii) void contract, and (iii) voidable contract.

What is a gratuitous promise? Explain its effect by giving your own example.

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