Explain the for required elements of a valid contract. Include a discussion of the terms offer, acceptance, infancy, intoxication, insanity and how they apply to whether or not a contract is formed. A list of these elements without an explanation will receive only a small portion of the available points. Please format your answer as follows: a. (Required element number 1) b. (Required element number 2) c. (Required element number 3 ) d. (Required element number 4) Analyze the case Cooper v. Smith using the IRAC method. The IRAC method is discussed on page 16 of the textbook. a. Isuue b. Rule c. Application d. Conclusion Promissory Estoppel is an equity doctrine that permits a court to enforce a contract that lacks consideration and as we will later find out (Chapter 14) a contract that should have been in writing under the statute of frauds but is verbal. Answer the following questions about the doctrine of promissory estoppel. 1. What is meant by the term equity doctrine. How is that different from a legal doctrine? 2. What are the four elements that must be shown for promissory estoppel to apply? a. (element 1) b. (element 2) c. (element 3) d. (element 4) I contract law, we often refer to the "3 I(s)" of Capacity. They are infancy, intoxication, and insanity. For each of the three explain the following: 1. Infancy (Minors) a. If a minor enters into a contract with a competent adult, what right does the minor have that the adult does not? When does the minor lose that right? b. Explain the duties of i) Restitution ii) Restoration 2. Intoxication a. Explain how intoxication may affect contractual capacity. 3. Insanity a. The law has established two standards concerning contracts of mentally incompetent persons. Explain the difference between how a contract is treated depending on whether the person is adjudged insane or not. i) adjudged insane ii) insane but not adjudged insane