Identify as well as define each of the four essential elements of a contract. Utilizing the facts of the case to explain whether each of these elements is present as well as whether a contract has been formed.

Based on the case that follows write a 150-word paper that classifies the four essential elements of a contract, defines how each element has or hasn't been met by the facts presented in the case and determines whether a contract exists.

Charley obtainable to pay Sammy $10,000 to burn down Charley's restaurant, The Horse Barn consequently that he (Charley) could collect on a fire insurance policy he had developed when he first opened the restaurant. Since opening the restaurant, Charley had been losing money and he now desirable the funds to pay outstanding obligations for which he didn't have the cash. Since Sammy wanted money to pay for a new car he burned down The Horse Barn as requested. Sammy then died to Charley's house to collect his money