Daniel did not return on Monday. On Tuesday, a new customer, Luis visited the gallery. Luis offered to purchase this painting at the price of €5, 100. Luis said that he would return the next day to pay €5, 100 and collect the painting.Alex told Luis that the refund period is 28 days. Luis agreed with the refund policy. On Wednesday, Luis did come to the gallery to pay the £5, 100 and collect the painting. Required:Explain whether there is a valid contract between Alex and Luis to sell the painting for £5, 100. In your answer, explain how the agreement between Alex and Luis meets (or does not meet) the five requirements of a valid contract.
