Spend quality time responding to the following questions in your own words.

1. What is the difference between a contract and an agreement?

2. Describe the requirements for a contract to be valid. Provide a business contract example that meets the four valid elements of a contract.

3. Describe a contract clause (term and condition) as it relates to the whole contract. Provide two examples (title of clauses) of business contract clauses or terms and conditions.

4. Describe and evaluate the consideration required in a legal contract? Why is consideration important to a business person?

Please use: Miller, R. L., & Jentz, G. A. (2015). Fundamentals of Business Law Summarized. Boston: Cengage