Describe an example of a contract that you or someone you know entered into (e.g., rental agreement, cell phone agreement, property purchase or lease [e.g., car, home, furniture, etc.], home or car repair, or student loan agreement). In your description, be sure to provide specific contractual details including parties and subject matter involved. You must also address the following:

• Define the five essential elements of an enforceable contract, and demonstrate how each element relates to your example.
• Explain the circumstances of a breach of contract in your example, and discuss possible remedies.