What is a contract in law?

Definition: The term contract is defined as an agreement between two or more parties which has a binding nature, in essence, the agreement with legal enforceability is said to be a contract. It creates and defines the duties and obligations of the parties involved.

What is a contract & how does it work?

It creates and defines the duties and obligations of the parties involved. First and foremost, an offer is made by one party to another, which when accepted by the party to whom it is made, leads to the agreement.

What are the elements of a contract?

Other important elements of the Contract There must be at least two parties to constitute a contract, i.e. one who proposes and another accepts the same. The parties entering into the contract must intend to create a legal obligation for one another. It must be in writing.