Changes

A '''contract''' is a promise made enforceable by law, usually because the beneficiary of the promise agreed to do something in return for it.

A '''contract''' is a promise made enforceable by law, usually because the beneficiary of the promise agreed to do something in return for it.

Explained in another way, contract is an agreement between two or more persons which creates an obligation to do or not to do a particular thing. A legally enforceable agreement between two or more competent parties made either orally or in writing.

Explained in another way, contract is an [[agreement]] between two or more persons which creates an obligation to do or not to do a particular thing. A [[legally]] enforceable agreement between two or more competent parties made either orally or in writing.

The three basic elements of contract formation are:

The three basic elements of contract formation are:

<br>Severability

<br>Severability

<br>Disclaimer of Agency or employment relation

<br>Disclaimer of Agency or employment relation

[[Category:law]]

[[Category:law]]

[[category:legal terms]]

[[category:legal terms]]