What is a contract?

A contract is an agreement between two or more parties to do, not do, or promise something. Contracts can come in many forms they can be oral or written, implied or express, and legally enforceable or not. The strongest contract, in terms of enforceability, has an offer, acceptance, consideration for the exchange, clearly sets out the terms of the agreement without ambiguity, and is signed by the involved parties with proper capacity to enter into the contract. Weaker contracts include verbal agreements or contracts drawn up by parties in direct violation of state or federal laws. There are numerous aspects related to valid contracts; in fact, an entire course in law school is often devoted to contract law. A contract is a legally binding agreement between two or more persons. For example, if you purchase any goods, buy a house, engage a builder to carry out work on your house, borrow money, order goods or machinery from a manufacturer, or sign up for a telephone plan, these are all types of contracts.

Definition of contract
Body of law that governs oral and written agreements associated with exchange of goods and services, money, and properties. It includes topics such as the nature of contractual obligations, limitation of actions, freedom of contract, privity of contract, termination of contract, and covers also agency relationships, commercial paper, and contracts of employment.