Description
A contract is a legally binding agreement between two or more parties that outlines specific obligations, responsibilities, and terms. It typically includes:
1. Offer and acceptance
2. Intention to be legally bound
3. Consideration (something of value exchanged)
4. Capacity to contract (legal ability to enter an agreement)
5. Free consent (agreement without coercion)
6. Legality of object (the purpose of the contract is legal)
Contracts can be written or oral, but written contracts are generally preferred for clarity and evidence. They can cover various aspects, such as:
- Sales and purchases
- Employment
- Services
- Rent and leases
- Confidentiality
- Non-disclosure
Let me know if you have a specific contract in mind, and I can help you understand its key points!