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Anytime an individual, business, or other entity agrees to take action, or to make an exchange or payment for something of value, a contract has been created. Examples of such agreements in business include bills of sale, purchase orders, and employment agreements.
A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
contract, in the simplest definition, a promise enforceable by law. The promise may be to do something or to refrain from doing something. The making of a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting.
Contract Law 101 A contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty. A legally enforceable contract requires the following elements, all of which are discussed in more detail below.
Most simply, a contract is a legally enforceable promise between two or more parties. Not every promise or agreement creates a binding contract, so a contract requires more than just an agreement. The law of contracts takes into account the way in which contracts are made, by whom they are made, and for what purposes they are made.
Contract law is a complex area of law that governs everyday transactions and business deals. As long as the contract is formed with certain requirements, it is a legally binding agreement. Once this agreement is in place, it can allow either party to enforce the terms of the contract through a court of law.
A contract is a legally enforceable agreement between two or more parties that creates a legal duty. Learn about breach of contract, consideration, capacity, and much more about contracts law at FindLaw.com.