I would be grateful if anyone could help clarify a couple of points.
1) Is a contract only binding upon the exchange of valuable consideration by both parties = a valid agreement and intention to be bound will not bind a party but simply form the foundations of a valid contract upon which, if valuable consideration is given, will be binding.
2) Is valuable consideration inherent in the promise made within the acceptance and offer stage, ie I will give you £10 (consideration by offerer) and I will wash your car for £10? (Consideration offeree), and so in actual fact the contract is binding at the agreement stage?
3) In a an invitation to treat example, when would the offerer be bound?
Many Thanks,
Alex