Question: Unit 3: Discussion Question - Essential Elements of a Contract Success in business will depend on how you contract with other parties whether its to

Unit 3: Discussion Question - Essential Elements of a Contract

Success in business will depend on how you contract with other parties whether its to provide a service, lease space or retain a supplier.

Briefly discuss the essential elements of a contract. Also, give an example of valid consideration for a contract, and an example of past consideration and discuss the difference.

Please reference a personal experience or a situation you may have seen in the news to confirm your understanding.

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