A 

contract is a legally enforceable agreement that

creates, defines, and governs mutual rights and
obligations among its parties. 
A contract typically involves the transfer
of goods, services, money, or a promise to transfer
any of those at a future date. In the event of
a breach of contract, the injured party may
seek judicial remedies such
as damages or rescission.

Contract law, the field of the law of

obligations concerned with contracts, is based on
the principle that agreements must be honoured.
Contract law, like other areas of private law, varies
between jurisdictions.
The various systems of contract law can broadly
be split between common law jurisdictions, civil
law jurisdictions, and mixed law jurisdictions
which combine elements of both common and
civil law.

Common law jurisdictions typically require

contracts to include consideration in order to be
valid, whereas civil and most mixed law
jurisdictions solely require a meeting of the
minds between the parties.
Contract law, like other areas of private law, varies
between jurisdictions.
The various systems of contract law can broadly
be split between common law jurisdictions, civil
law jurisdictions, and mixed law jurisdictions
which combine elements of both common and
civil law.