Factor, especially given the title of the question, it looks to me like it's quite a basic question on the elements of a contract in law (offer, acceptance, consideration with an emphasis on the latter, was there valid consideration in order to form a contract) so that is where what you say comes into play and there may be other things the OP would need to account for to cover the area of law properly.
Saying that, if it's not an academic exercise, say someone studying to be a more practical legal advisor eg CAB, the answer would be essentially the same but the answer constructed differently on a more practical advice level.