1. What are the three requirements that make an offer valid?
2. Suppose you are a Pepsi drinker. After seeing the commercial, you start collecting Pepsi Points. You also get a copy of the catalog that is briefly shown in the ad. In the catalog, it says that the cash value of each point is 10 cents. You do the math and figure out that the cash value of the 7,000,000 points for the jet is $700,000. You already collected 15 points from drinking Pepsi. The catalog said that you can buy additional Pepsi Points to claim a prize with a $10 shipping and handling fee. You send Pepsi your 15 points plus a check for $700,008.50 to claim the jet. Explain whether Pepsi made a valid offer of the jet as a prize by applying the 3 requirements you identified above and whether Pepsi is obligated to give you the jet.