In Contract Definition
A contract is a legally binding agreement between two or more parties. A contract can be oral or written, but it must be clear and unambiguous in order to be enforceable. A contract typically includes an offer, consideration, and acceptance. The offer is the initial proposal made by one party to another. The consideration is what each party agrees to give up in order to enter into the contract. The acceptance is the final agreement to all terms of the contract.
When two parties have a dispute over the terms of a contract, they may seek legal recourse to have the contract interpreted by a court. In some cases, a court may find that the contract is voidable if one party was not given proper notice of the terms of the contract or if there was fraud involved in the formation of the contract. If a court finds that a contract is valid and enforceable, then the parties must abide by its terms.
