Define and describe the elements of a valid business contract, including offer, acceptance, consideration, capacity, and legality. Include an explanation on the concept of breach of contract and the statute of fraud guidelines to demonstrate your understanding of the issues associated with both concepts.

Next, write a contract statement for the following situation: "mike sells his used 2008 Camaro to Jim." in your contract, consider all the elements listed below, as well as include examples for each of them—for instance, mike had made an offer to Jim to sell his car for $600 and Jim accepted that offer. Parties to the contract agreement offer and acceptance consideration contractual capacity lawful object