Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.Also, provide a graduate-level response to each of the following questions:Discuss the various defenses in contract formation, stating what is required to establish each individual defense, and providing examples of when the defense may be found valid.Sly Salesperson sells cars. While selling a car, Sly Salesperson tells the potential buyer that this is the best car around. Its a great car and sips gas. The car has an average fuel rating. Has Sly Salesperson committed a misrepresentation? Fraud? Why or why not? Does the analysis change if Sly Salesperson says the car get 40 miles per gallon, but in fact the car only gets 30 miles per gallon?