Hello Kelly,
I appreciate your efforts on the week 4 question on contracts and business setting. That was great work. Three essential elements of a contract include offer, acceptance, and consideration. They are interrelated in that offer validates the contract while acceptance gives the second party opportunity to take the offer. Consideration stage gives the parties a base to exchange properties of the same value as dictated in the offer.
The significance of a contract in businesses is defining the expected understanding of the agreement between the two parties. It provides a detailed transaction that is legally enforceable with timelines on when each step will be taking place each at a time.