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 promissoryestoppel apply? Provide an example.The essential elements in a valid contract are when at least two parties agree to the terms of the contract, it is legally binding, and it is enforceable by law. An example of agreeing to acontract would be a contractor agreeing to install a bathroom for $10,000 in which the clientagrees to pay. This is consent from both parties. This contract is legally binding in that both parties have mutually assented to the contract. The contact is drafted in accordance with the public policy and it has legality. A written agreement that defines the terms of the contractand installation of the bathroom that both parties have signed off on would be operatingunder the law. This is a legal transaction that can be enforced by law and there is genuineassent from both parties. Only under mutual consent can the contractual duties be modified.Promissory estoppel can be applied when one party has relied on the promise of another, butrevocation or adjustments in the promise caused damages to another. An example of promissory estoppel would be that you were promised an apartment and in the mean timenotice was given to current landlord and they have found a new tenant. The new landlord hasnow said that you cannot occupy the apartment because he has family that is in need and hasdecided to rent to them. Because you are now without a place to live and may have to rely ona hotel until new residence is found promissory estoppel could be