Question's Short Description
1: Agreement enforceable by law 2: Made between two or more parties 3: Must have offer and acceptance 4: For lawful consideration 5: Creates legal obligations
Question's Long Description
1: It is a voluntary agreement between parties to do or not do something
2: Essential elements are offer, acceptance, consideration, capacity
3: Must be for lawful object and not opposed to public policy
4: Can be written, oral or implied
5: Breach of contract gives right to legal remedy
