Extra Credit Contracts Assignment (up to 16 points)DUE: Turn in when you take Exam 2 This assignment must be done individually. Using the concepts below, you should define each of the words in bold and create a FACTUAL SCENARIO which demonstrates your understanding of each of the respective concepts. Please turn in a written copy of this assignment to me at the time of Exam #2. I will not accept email copies or attachments.1. Include a short paragraph explaining the four elements of the contract (agreement, consideration, capacity and legality) in your paper and create a short factual scenario in which you identify each element. (2 points)2. Minor enters a K and who later disaffirms. The K must be for a “necessity” and disaffirmance can occur within a reasonable time OR NOT (you decide but explain why this would matter). Also address whether the minor would be responsible for restitution. (2 points)3. Misrepresentation: explain the three types somewhere in your presentation but choose ONEto include in your factual scenario.
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