Review this excellent article that explains all relevant aspects of a contract.  

Next, view this video that details the concept of consideration.

https://www.youtube.com/watch?v=PLStHYD1eCk&feature=youtu.be

What must occur/exist in order for a contract to be legally enforceable? Explain this in your own words.

Next, discuss a time when you (or a friend/family member) entered into  a contract  where a breach was suffered.  What was the remedy in the case? Were you satisfied with the outcome?  Why or why not?