1. Think about a contract you are familiar with and use it to provide and explain examples of each element it takes to form a contract. Under what conditions can contractual duties be modified? What is promissory estoppel and when does it apply? Provide an example. What is the difference between a material breach of contract and a nonmaterial breach of contract? What are some examples of legal and equitable remedies available for breach of contracts? Remember to support your response.2. What are some legal excuses for nonperformance or other grounds for discharge of contracts? What are the differences between a void contract and a voidable contract? Which party or parties to a voidable contract have the right to disaffirm the contract? Can written agreements be modified orally? Explain why or why not. Remember to support and provide examples for each question.