Study the case below and state whether this is a valid contract or not and why. Responses can be submitted either written or video note. Spellman, who had been operating a retail store at a loss for several years was concerned about the future of his business. The cost of inventory went up again and in order to reduce expenses, he agreed to purchase inventory from a supplier that originally acquired the items on the black market. This new supplier agreed to sell Spellman the inventory at half the price of his current supplier, which would allow him to stay in business.