On seeing Mrs. Truscott's puppy fall into the river, Jared kicks off his shoes, dives in, and rescues the dog. A grateful Mrs. Truscott promises to give Jared a $50.00 reward. Is this a valid contract or not? If not valid, what legal element is missing?
It is not. Every contract, that is not executed immediately (purchasing products at the mall, ordering pizza ) to be signed in a written form. So in this case the contract is missing.