Question $1(3$ points$)$

You are looking to do some home renovations on your house. You call two contractors to come out and look. Contractor A gives you an estimate of $$20,000$ to complete the job and Contractor B gives you an estimate of $$25,000.$ You call back Contractor A and agree to put $$5,000$ as a down payment on the job, with the rest to be paid upon completion of the job.

Do you have a valid contract? If not, what element of a valid contract was not met?

Offer

Acceptance

Consideration

Legality

Capacity

All elements were satisfied