1. I ask you to tie my shoe. You agree to tie my shoe, however, prior to you tying my shoe you change your mind and refuse to tie my shoe. Using the elements of the contract, determine if this is a valid contract.2. Bill agrees to sell James some cocaine for $100. James pays Bill $100 but Bill does not deliver the cocaine. Is this a valid contract, a voidable contract or a void contract? Explain your answer.3. Marissa rent an apartment from Cabana Bay in January. The lease was for a year. In June, Marissa received a job offer in another state. She did not want to break her lease, therefore she sub-leased or assigned her lease to Olivia. Marissa did not get permission from Cabana Bay. Olivia moves in and pays rent from June to October. Cabana Bay sues Marissa for the two months of rent. Marissa believes she is not liable for the rent because she assigned her lease to Olivia. Using IRAC, determine whether Marissa correct.4. Sarah’s house caught on fire. Through the prompt assistance of her neighbor Odessa, the fire was quickly extinguished. In gratitude, Sarah promised to pay Odessa, $1000. Using IRAC determine whether Odessa enforce this promise?5. William E. Story agreed to pay his nephew, William E. Story II, $50,000 if he refrains from drinking liquor, using tobacco, swearing, and playing cards or billiards for money until he should come to be 21 years of age. William E. Story II refrained from all the things his uncle listed until he was 21 years of age. Shortly after his 21st birthday, William E. Story died. His executor refused to pay the money. He believed that there was no contract because there was no consideration. Using IRAC, how would you decide this case?6. I was watching a telethon on the TV late on evening. I was so moved by the telethon; I called and pledged $10,000. In the morning when I informed my husband what I pledged, he was not pleased. I did not fulfill my responsibility. Using IRAC and determine if the telethon sued me for my pledge what would be the outcome?7. John Smith is 16 years old; his parents purchase a red Volkswagen bug for his birthday. He does not like the car because he wanted a red Porsche. The parents take the car back to the dealership. The parents tell the dealership this contract is void because our son lacked capacity to enter into this contract. Are the parents right? Use IRAC format.8. List the contracts that must be in writing according to the statutes of frauds.9. Farmer John entered into a contract with Farmer Bill to purchase Farmer John’s cow Bessie. They both thought Bessie was barren so they agreed on a price below market value. The day before Farmer Bill picked up Bessie, it was determined that Bessie was pregnant. Using IRAC determine if Farmer John void the contract under mutual mistake.10. Claudia and Jose contracted with Mercedes Homes to build a three story home on Lake Emma. Mercedes began to build the home and discovered that it would cost them more than they anticipated to build this home on the lake. Mercedes refused to continue to build the home unless Claudia and Jose agree to pay $10,000 more. The couple want the house completed so they agree to pay the additional money. Once the house is completed, they refuse to pay Mercedes Homes and Mercedes sues the couple for breach of contract.