Understanding Contracts: Explain the the acronym MACLOC and describe the key elements of each part.Pick two different MACLOC areas and describe one case for each area - including the IRAC and how that case explains that law around that element of MACLOC.Of your two cases, select at least one case that enables you to discuss the terms valid, void and voidable and explain whether any of those terms apply to your case. Be specific.