1-1 explain the importance of the essential elements required for the formation of a valid contract.1- define the following legal terms and support them with examples/ decided case law:1- special damages2- counter offer3- acceptance4- decide whether the followingamounts to an offer or invitation to treatA- display of price of petrol at petrol station.B- notice of car parking fee at the entrance of automatic car park.C- advertaisement of reward for lost goods.D- stating lowest price in response to enquiry.1-2 discuss the impact of different types of contract.A a minor falsely represents himself to be the age of majority and borrows 30,000 R.O from B on the security of mortgage executed by A. He invested 50% of mony in mutual funds and the remaining in shares. He loses both as the market crash. Discuss in thelight of decided cases and answer the following questions:1- can B recover his mony from A?2- B is intending to sue A for the breach of contract. What will be your advice to B?3- examine the concept of legal capacity to enter in to a binding agreement in the light of above case.4- identify wheather it is a void or voidable or unenfirceable contract and explain.2-1 Apply the elementsof contract in given business scenarios.Fitness world, a sport shop in Ruwi sent Mr.Ahmed an exersice kit without any order from him. A letter accompanying the kit stated that if Mr.Ahmed remains silent, it would be presumed that the same has been accepted by him. After sometime he wanted to returne the kit but it was not accepted by the shop keeper as by that time an improved version of the kit had come in the market. Another reason given was that Mr.Ahmed had used the kit and so there was a concluded contract and Mr.Ahmed was under obligation to keep it and pay for it.Apply the elements of contract and explain clearly whether there a contract between fitness world and Mr.Ahmed?Explain with the help of case law.