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What is a Contract?
Definition of a Contract
A Legal and Binding Agreement
A contract is a binding agreement between two or more parties that creates mutual obligations enforceable by law. The basic elements of a contract are:
- An offer
- Acceptance of the offer
- Consideration
- Legality of the purpose
Contracts can be written or oral, but written contracts are generally more enforceable. When you sign a contract, you are agreeing to be bound by its terms. If you breach a contract, you may be liable for damages.
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