What is a contract
Understand the Problem
The question is asking for the definition or explanation of what a contract is, which refers to a legal agreement between parties outlining obligations and rights.
Answer
A legally enforceable agreement creating mutual obligations between parties.
A contract is a legally enforceable agreement between two or more parties that creates mutual obligations.
Answer for screen readers
A contract is a legally enforceable agreement between two or more parties that creates mutual obligations.
More Information
Contracts can be written or spoken, but they must satisfy certain legal elements to be enforceable.
Tips
A common mistake is assuming all agreements are legally binding. Without meeting specific legal criteria, an agreement might not constitute a contract.
Sources
- contract | Wex | US Law | LII / Legal Information Institute - law.cornell.edu
- What Defines a Contract? | University of Texas at San Antonio - UTSA - utsa.edu
- What is a contract? - Thomson Reuters - legal.thomsonreuters.com
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