Homework answers / question archive / Please answer each of the following questions:1- What is a contract?2- What are the elements of a valid contract? 3- What is the statute of frauds? 4- What is an unilateral contract and what is a bilateral contract? 5- What is an option contract? 6- Can a mentally insane person enter into a contract? Why?

Please answer each of the following questions:1- What is a contract?2- What are the elements of a valid contract? 3- What is the statute of frauds? 4- What is an unilateral contract and what is a bilateral contract? 5- What is an option contract? 6- Can a mentally insane person enter into a contract? Why?

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Please answer each of the following questions:1- What is a contract?2- What are the elements of a valid contract?

3- What is the statute of frauds?

4- What is an unilateral contract and what is a bilateral contract?

5- What is an option contract?

6- Can a mentally insane person enter into a contract? Why?