It is 2002 and George Bluth is negotiating with Iraqi government officials for The Bluth Company (TBC) to build a residential subdivision in the suburbs of Baghdad. Due to the Iraq war, it is currently against the law for American companies to do business with the Iraqi government. Regardless, George calls and leaves an offer via voicemail to purchase 200 acres of land from Saddam Hussein, Iraq's president, for $2 million. After a night of hard partying, Saddam returns home to his palace to find the voicemail from George. Saddam is still drunk when he calls George back and leaves the following voicemail reply: "I accept your offer, but can only sell you 199 acres for $2 million."
Please answer the following question:
- Did TBC and Saddam Hussein form a valid contract? (Hint: Evaluate each of the elements of a valid contract and determine whether it was satisfied)