Juanita offers to sell a necklace to Rita for $5. Rita accepts this offer by giving $5 to Juanita, and Juanita gives the necklace to Rita. Rita then brings the necklace to a collector, who informs her that the necklace, because of the place where it was made, is worth $200. Is this a valid contract? Review the elements of a valid contract in answering this question. Define adequacy of consideration, and explain why you are of the opinion that there is or is not sufficient consideration present in this factual scenario.
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