A contract is a legally binding agreement between two or more parties that outlines the rights and obligations of each party involved. It is a fundamental concept in business and law, governing various transactions and relationships. Contracts are used to establish clear terms and conditions, protect the interests of the parties involved, and provide a legal framework for resolving disputes.
Key elements of a valid contract typically include:
Offer:
Acceptance:
Consideration:
Capacity:
Intent:
Legality: