review the agreement and give justification and explanation as to whether the agreement contains the necessary elements of a valid contract. For this review, you are to reflect on and address the following sets of questions: o There are certain requirements for the formation of a contact: o What is the first required element of contract formation? o The second element that must be present for the formation of a contract is consideration. Examine the contract and identify the element of consideration. Describe the details of the consideration that appear in the agreement. o Mutual agreement (sometimes referred to as "mutual assent") is reflected in the agreement. Please answer the following questions: o How is mutual agreement reflected in the contract? o Why might it be more difficult to establish the existence of mutual agreement in an oral contract? o Can you think of other pros and cons of written versus oral contracts? Please explain. o As it turns out, the other party has failed to perform its obligations under the contract, and your client now wishes to terminate the agreement. o How is a contract concluded or terminated? Please explain this to your client. o Explain to your client how each party can be discharged from their liabilities. o Explain the difference between a minor breach and a material breach to your client