7. Alice, a graphic designer, offers to dign a logo for Bob's new company for 500 Bob agrees to the price but wants the workdone within a week. Alice accepts the timeline and the price. However before Alice starts the work. Bob decides he no longer needs the logo (10marks) and refuses to pay Alice anything. aven though she had cleared her schedule for the project. based on the conditions necessary for a valid contract does a legally binding are present in this. (10marks)

Based on the conditions necessary for a valid contract, it appears that a legally binding contract is present in this scenario. The key elements of a valid contract are offer, acceptance, consideration, and mutual intent to be bound. In this case:<br /><br />1. **Offer**: Alice, the graphic designer, offered to design a logo for Bob's new company for $500.<br />2. **Acceptance**: Bob accepted the offer, including the price and timeline.<br />3. **Consideration**: The consideration is the $500 that Bob agreed to pay Alice for the logo design.<br />4. **Mutual Intent to Be Bound**: Both Alice and Bob demonstrated their intent to be bound by the agreement through their mutual acceptance of the terms.<br /><br />Since all these elements are present, it is likely that a legally binding contract exists between Alice and Bob. However, the specific enforceability of the contract may depend on local contract law and any applicable statutes or regulations.