Assignment DescriptionObjective: This assignment requires you to create a detailed and legally binding contract. The contract must include all essential elements and adhere to legal standards. You will work in groups of a maximum of $2$ members. This assignment is graded, so ensure you pay close attention to the instructions and include all necessary components.Due Date: Submit your completed contract before the next class.Essential Elements of the ContractOffer and Acceptance:Clearly state the offer being made and ensure there is an acceptance of that offer. Both parties should agree to the terms without any ambiguity.Example: In an employment contract, the employer offers a job position with specific terms, and the employee accepts those terms.Intention to Create Legal Relations:Both parties must intend to enter into a legally binding agreement. This intention is usually assumed in commercial agreements.Example: A business partnership agreement where both parties intend to collaborate and share profits.Consideration:There must be something of value exchanged between the parties. This could be money, services, goods, or a promise to act or refrain from acting in a certain way.Example: In a service contract, the client pays a fee in exchange for the services provided by the contractor.Legal Capacity:Both parties must have the legal capacity to enter into a contract. This means they must be of legal age and sound mind.Example: A rental agreement signed by an adult tenant and a landlord.Consent:The agreement must be made without any duress, undue influence, fraud, or misrepresentation. Both parties should enter the contract willingly and with full knowledge of the terms.Example: A sales contract where both the buyer and the seller fully understand and agree to the terms of the sale.Legality of Purpose:The contracts purpose must be legal. Contracts involving illegal activities are not enforceable.Example: A contract for the sale of goods must involve items that can be legally sold.Certainty and Completeness:The terms of the contract must be clear and complete. Any vague or incomplete terms can make the contract unenforceable.Example: A construction contract that details the scope of work, deadlines, and payment terms.Example Contract: Employment ContractEmployment Contract Between ABC Corporation and John DoeOffer and Acceptance:ABC Corporation offers John Doe the position of Software Engineer, which John Doe accepts.Intention to Create Legal Relations:Both parties agree that this document constitutes a legally binding agreement.Consideration:John Doe agrees to provide his services as a Software Engineer. ABC Corporation agrees to pay a salary of $$80,000$ per annum.Legal Capacity:Both parties confirm they have the legal capacity to enter into this contract.Consent:Both parties have read, understood, and agreed to all terms without any coercion.Legality of Purpose:The employment is for legal services within the software development industry.Certainty and Completeness:The contract includes clear terms regarding job responsibilities, salary, benefits, and termination conditions.Signatures:ABC Corporation Representative: $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$John Doe: $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$Date: $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$