Can you help me understand this Business Law question?
QUESTION #1 (50%): You know that every contract must have an offer, acceptance, consideration and a meeting of the minds. (1) Explain these four terms IN YOUR OWN WORDS (graded at one point per term) AND (2) Provide an example of how each of the four elements may be seen in sports (graded at one point per example).
QUESTION #2 (20%): Look again at the NFL Standard Player Contract. In your opinion, what TWO specific provisions should be added to the NFL Standard Player Contract — and WHY? Be sure to include any cited research to support your assertions that the clauses should be included in the contract.
QUESTION #3 (20 %): What is the difference between a license and a bailment? (1 points). Give one example of each from the sports industry (1 point).
Ten percent for format/language usage.
The report must be between 500-1,000 words and is to be submitted in typed, double-spaced form. This project is 15% (15/100 points) of your overall grade.