This assignment presents a legal scenario where Bob enters into contracts with both Steve and Mike. It tasks students with analyzing the validity of these agreements based on factors like offer, acceptance, consideration, and the presence or absence of essential elements for contract formation. The discussion also delves into the concept of contract revocation within reasonable timeframes and examines Bob's potential defense using the 'non est factum' principle if he claims to have signed a document mistakenly. Students must apply legal principles and case law to provide a comprehensive analysis of the situation.