Describe an example of a contract that you or someone you know entered into (e.g., rental agreement, cell phone agreement, property purchase or lease [e.g., car, home, furniture, etc.], home or car repair, or student loan agreement). In your description, be sure to provide specific contractual details including parties and subject matter involved. You must also address the following:Define the five essential elements of an enforceable contract, and demonstrate how each element relates to your example.Explain the circumstances of a breach of contract in your example, and discuss possible remedies.The paper must be three to four pages in length (excluding title and reference pages) and formatted according to APA style as outlined in the Writing Center. You must use at least two scholarly sources other than the textbook to support your claims. Cite your sources in-text and on the reference page. For information regarding APA samples and tutorials, visit the Writing Center(Links to an external site.).Carefully review the Grading Rubric(Links to an external site.)for the criteria that will be used to evaluate your activity.