1. What are the elements of a valid contract?

2. Read the CAR Purchase Agreementand find the “Liquidated Damages” clause. If both seller and buyer initial this clause, what conditions must be met for the liquidated damages to be limited to a maximum of 3% of the purchase price? Do not copy and paste, please phrase the answer in your own words.

3. Alice is sixteen years old. She marries Richard and, therefore, becomes emancipated. At age seventeen, Alice divorces Richard. Does she return to the status of minor?

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