In essence, a contract is a formal agreement between two or more parties where all
involved understand the purpose of the agreement. There must also be some form of an offer to which one party must
accept; an offer is a proposed exchange of something that has value which could include goods, services, or money.
Finally, the contract must be completed as laid out in the agreement. A breech of contract occurs when one party
does not follow through with their part of the agreement. Oral contracts are generally not enforceable, so some
sort of signed affidavit or notation is always recommended to ensure the safety of the proposed goods and services
on both sides of the contract. From a law perspective, contracts are binding agreements and therefore enforceable
in a court of law. Lawyers who deal in contract law should be kept up to date with current changes in the laws in
their state in order to best serve their clients.
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