In legal terms, a contract is a legally binding agreement between two or more parties that creates mutual obligations enforceable by law. It involves a promise or set of promises that the law will enforce.
Key elements of a valid contract typically include:
1. Offer – One party proposes terms to another.
2. Acceptance – The other party agrees to those terms.
3. Consideration – Something of value is exchanged (e.g., money, services, goods).
4. Mutual consent – Both parties agree freely without coercion or fraud.
5. Capacity – Parties must have the legal ability to enter into a contract (e.g., adults of sound mind).
6. Legality – The subject matter must be legal and not against public policy.
If these elements are met, the contract can be enforced by a court if one party fails to perform their obligations.

A contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty.
A legally enforceable contract requires the following elements:
An Offer
An Acceptance
Mutual Consideration
Legal Parties
Legal Purpose