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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 [[legal]]ly 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 [[legal]]ly enforceable agreement between two or more competent parties is made either orally or in writing.
The three basic elements of contract formation are:
The three basic elements of contract formation are: