The Contract
What is a Contract?
A contract is generally defined as a legally binding agreement between two or more parties that outlines mutual obligations and responsibilities. Key elements of a contract include:
Offer and Acceptance
There must be an agreement between parties.
Consideration
Each party must provide something of value.
MUTUAL CONSENT
All parties must agree to the terms voluntarily.
PURPOSE
The agreement must comply with the law.
ENFORCEMENT
A mechanism exists to enforce compliance with the terms.