One night, Bob was leaving his health club, but his car wouldn't start. Bob asked Ted, an acquaintance at the health club for a ride home. Even though it was 50 miles out of his way, Ted agreed and was glad to do give Bob a ride. When they arrived at Bob's house, Bob expressed his gratitude to Ted, saying "Thanks for the ride. Next time I see you at the club, I'll give you $100." The following week, Ted saw Bob at the Club and asked for his $100. Bob told him that he wouldn't give Ted $100. Using the elements of a contract
1) Discuss and analyze whether Bob is legally bound to pay Ted $100. You must identify and discuss each element of a valid contract separately.
2) Must be typewritten in Times New Roman or Arial 12-point font, double spaced, and with 1-inch margins;
3) Each problem must be answered in a minimum of 300 words;
4) Each problem must include at least three scholarly sources;
5) Must cite sources according to proper APA formatting guidelines;