Contract law requires the parties to a contract to have capacity to contract and that the object of the contract be legal. Those without capacity to contract are minors, those deemed mentally incompetent and those who are intoxicated.

1. Determine what happens when capacity to contract fails and, what is meant by an unconscionable contract? Provide an example case of each.
2. Pursuant to the Statute of Frauds, is a 5-year contract for accounting services required to be in writing? Yes or no and why or why not? Be sure to explain the Statute of Frauds and the Parol Evidence Rule pursuant to the chapter reading.

THIS IS A LEGAL565 (COMMERCIAL LAW) QUESTION