Contract

Contract is an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration. It is one of the three or four most significant areas of legal concern and can involve variations on circumstances and complexities. The existence of a contract requires finding the following facts: a) an offer; b) an acceptance of that offer; c) a promise to perform; d) a valuable consideration (which can be a promise or payment in some form); e) a time or event when performance must be made; f) terms and conditions for performance, including fulfilling promises; g) performance. Contracts can be either written or oral.