Using your knowledge of valid contract formation, use the information in the following scenarios to determine whether there is a valid contract, and if so, identify the offer, the acceptance, and the consideration for each:

4.Your son has been in college and has a large balance on his credit card that was used for school supplies, books, and tuition. You want to help him out since he has done very well in school. You write a letter to the credit company stating that you will be paying the bill in the future. The credit card company agrees. Is this a valid contract? Yes or No? If yes, identify the offer, acceptance, and consideration.