A contract is n voluntary, deliberate, and legally binding agreement by two or more parties, each of whom intends to create one or more legal obligations between them. Contracts are usually written but may be spoken or implied. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchanges "consideration" to create "mutuality of obligation. Each party to a contract acquires rights and duties relative to the rights and duties of the other parties. However, while all parties may expect a fair benefit from the contract (otherwise courts may set it aside as inequitable) it does not follow that each party will benefit to an equal extent. The purpose of a contract is to establish the agreement that the parties have made and to fix their rights and duties in accordance with that agreement. The courts must enforce a valid contract as it is made, unless there are grounds that bar its enforcement.

 

Contracts have different types, such as: Accounts Receivable Financing & Purchasing Agreements, Administration Agreement & Services, Advertising Contracts, Allocation Agreements, Arbitration Agreements, Assurance Agreements, Bankruptcy Agreement, Buy-Sell Agreement, Employment Contracts, Funding Contracts, Guaranty Agreements, Labor Agreement, Loan Agreements, and many others.