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WEEK 3 DISCUSSIONThink back on a time when a friend, colleague, or business associate promised oragreed to do something but did not follow through. For example, did someone agree to sell you something but at the last minute changed the price, or perhaps someone agreed to perform a service, but then never did so? Create a summary that describes a situation where a promise was broken. Next, debate why the facts you presented did or did not meet the legal requirements for a contract. Justify your response.Music For MoneyOur textbook has described contracts as the "Private Law of Business." It is a promise, set of promises, or performance made for which if broken, the law is able to remedy and recognizes as a duty. A contract requires anoffer, acceptance, and consideration. An offer is made by an offeror to an offeree. The offeree then can accept through positive response to the proposed offer. After that, consideration is established. Considerations