Learning Goal: I’m working on a business law discussion question and need an explanation and answer to help me learn.It is your responsibility to answer all four questions. Take care to reply to all parts of each question. Please follow the guidelines, tips and grading rubric below. Answers should be a minimum length of ½ – 1 page each.Your writing should be in essay form, not lists of information. You are required to write in your own words, unless you are quoting or paraphrasing. Then you must use citations where necessary. 1. Describe what the elements of a contract are. What are some defenses one could argue to get out of a contractual obligation? 2. Describe the steps to forming a business entity. What should a person consider when deciding to start up a business? 3. What does a person need to do when they feel they have a claim under Title VII of the Civil Rights Act of 1964? What steps can an employer take to prevent claims under Title VII? 4. Explain the antitrust statutes; (The Sherman Act), (The Clayton Act), and (The Federal Trade Commission Act)? Do you think the current antitrust statutes are effective in preventing a business from becoming a monopoly?