James sold his 1965 e-type Jaguar car to Shirley for $18,500. During the negotiations James claimed that the car was actually a 1963 model, which were rarer, and therefore more valuable. Shirley, who was 17 at the time of purchase, bought the car on the understanding it was the 1963 model. Are all the elements of a valid contract present? Explain your answer.

James sold his 1965 e-type Jaguar car to Shirley for $18,500. During the negotiations James claimed that the car was actually a 1963 model, which were rarer, and therefore more valuable. Shirley, who was 17 at the time of purchase, bought the car on the understanding it was the 1963 model. Are all the elements of a valid contract present? Explain your answer.