What is a contract? What is the objective theory of contracts? ii. Discuss the four elements that are required for the formation of a contract. iii. Outline the elements necessary for an effective offer. Provide examples of non-offers. iv. Explain how shrink-wrap and click-on agreements differ from other contracts. Discuss how traditional law have been applied to these agreements. v. What is consideration? Discuss what is required for consideration to be legally sufficient.