A contract is an agreement between two or more parties that creates an obligation to do or not do something. Contractual agreements can be written, verbal, or implied. In a business context, contracts are essential in setting expectations and ensuring the delivery of goods and services. Contracts provide the framework necessary to ensure both sides get what they need while protecting their rights and interests. When crafting a contract, it’s important to think clearly and engage creatively to create an agreement that is fair and equitable for all parties involved.