A contract is a legally binding agreement between two or more parties. It is an agreement where each party agrees to certain obligations that can be enforced by law.

For a contract to be valid, it must generally include several key elements:

• Offer: A clear and definite proposal by one party to enter into an agreement.
• Acceptance: An unambiguous agreement to the terms of the offer by the other party.
• Consideration: Something of value exchanged by each party, such as money, goods, or services.
• Intention to create legal relations: The parties must intend that their agreement be legally binding.
• Capacity: The parties must have the legal capacity to enter into a contract (e.g., they must be of sound mind and of legal age).
• Legality: The purpose and subject matter of the contract must be legal.

Contracts can be written, oral, or implied. While oral contracts are generally enforceable, written contracts provide a clear record of the agreement and are easier to prove in court.