Binding ContractIn this assignment you will research and study the elements in a binding contract.The assignment consists of two parts:Part ILocate a contract you have signed. The contract might be for a cell phone credit card apartment or house rental purchase of a home or car student loan contract for services or something similar. These agreements all represent contracts.Provide the following information about the contract. You may make up dollar amounts to maintain privacy.Part IIProviding relevant laws and cases to support your post select two of the scenarios below and discuss the status of the contract: