(a) 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? What are some legal excuses for nonperformance or other grounds for discharge of contracts? Provide examples.
(b) What are the essential elements necessary to form a valid contract? Provide examples of each. Under what conditions can contractual duties be modified? When does promissory estoppel apply? Provide an example.
(c) What are the differences between a void contract and a voidable contract? Provide examples.Which party or parties to a voidable contract have the right to disaffirm the contract?