This is a Collaborative Learning Community (CLC) assignment. The purpose of this assignment is to examine key principles of contract formation. For this assignment, assume you are planning a birthday party. You will need to create a story line that provides background information relevant to the event, such as who the party is for, the number of people attending, and your overall vision for the party in terms of the venue, food and beverages, and entertainment. For the event, you should assume that you would be required to contract with a minimum of three vendors to include a party venue, catering, and entertainment. You may choose to add other elements to the party, such as transportation, photography, party memorabilia, etc. Complete the "Contract Formation Chart," located in the topic materials. For each vendor, you must provide the following information.

1.Identify the name of the vendor.

2.Identify and clearly state the offer for the contract.

3.Explain the method of acceptance for the contract.

4.Explain the elements of consideration for the contract.

5.Identify the factors that affect the formation of the contract.