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This is your third set of evaluated/quiz questions. Please provide a brief answer to each of the following questions: Read the given chapters, and elaborate on the academic fundamentals of the following subject matters: 1- What is a contract? 2- What are the elements of a valid contract? 3- What is the statute of frauds? 4- What is a 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? TOTAL WORD LIMIT - 300-350 WORDS