A contract arises when a promise gives rise to a legal duty. A promise is enforceable only if supported by adequate consideration, meaning something is exchanged to induce the promise.

A Promise the Law Will Enforce: A contract is a voluntary agreement between two or more parties that creates a legal obligation to perform—or refrain from performing—a specific act. If one party fails to …

What is a contract? A contract is an agreement between two or more people, groups, or companies. It clearly states what each party must do and is legally binding, meaning the law can make sure …

A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent [1] to transfer of goods, services, money, or …

The meaning of CONTRACT is a binding agreement between two or more persons or parties; especially : a legally enforceable agreement between two or more parties that creates in each a duty to do …

Sep 28, 2025 · A contract is a legally binding agreement between two or more parties that creates enforceable obligations. At its core, a contract requires a meeting of the minds, meaning all parties …

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 …

Mar 1, 2024 · First, it will be helpful to define the term and answer the question, “What exactly is a contract?” A contract is a formal, legally binding agreement between two parties. This agreement …

Sep 22, 2025 · Discover what a contract is and why it’s essential for protecting your rights in business and personal deals. Learn how contracts secure agreements effectively.

What is Contract? Contract is an agreement, a promise, which is enforceable by law, between two or more parties to perform a specific job where there is offer and acceptence or act as per the …