Contracts are essential to business operations. Review the information contained in the instructional materials provided and submit responses to the questions for the respective sections as appropriate. 8.1 1. Are all promises "contracts"? When is a promise not a contract? 2. What is the source of law for contracts involving real estate? For contracts involving the sale of goods? 3. In contract taxonomy, what are the degrees of explicitness, mutuality, enforceability, and of completion? 8.2 1. What are the required elements of a contract? 2. When was the Statute of Frauds first enacted, by whom, and why? What does the Statute of Frauds require? 8.3 1. What are compensatory damages? 2. When is specific performance an appropriate remedy? Will it be used to require a person to perform a service (such as properly repair a leaky roof)? 3. When is restitution used? 4. How could a breach of contract also be a tort, and when is one cause of action chosen over the other? 5. What is the purpose of punitive damages?