Binding Contract Definition
A binding contract is an agreement between two or more parties that creates obligations that are enforceable by law. A contract can be either written or oral, but it must contain certain elements to be considered valid. These elements include offer and acceptance, consideration, and intention to create legal relations. A contract is formed when all of these elements are present and the parties have agreed to all terms. Once a contract is formed, the parties are legally bound to fulfill their obligations under the agreement. If one party breaches the contract, the other party may sue for damages.
