Nicely written Juhi, and good introduction. I think there's a few extra notes to help your readers:
1) The Pearson Correlation between two RVs is simply their Covariance scaled by the two RVs respective standard deviations (thus why it's support is over -1,1)
2) Mathematically speaking, the Spearman Correlation is a Pearson Correlation, but run on the ordered ranks of the data (instead of the real-valued data itself).
Hope the above is helpful.