An agreement that is formed between two or more individuals or parties that is enforceable by law could be termed as a contract. It is a voluntary agreement between one or more individuals or parties that are bound by law which ensures that all of the involved entities obtain something from its execution.

An example of this could be a written sale agreement where one party agrees to sell products or services against monetary or financial gains. So it could also be defined as a legal document that binds the parties in a legal relationship and identifies their rights and responsibilities towards each other.

It is usually formed when two or more individuals or parties legally, deliberately and voluntarily decide to enter into it. These are mostly written but may be expressed or referred such as some of the situations relating to sale, tenancy and lease. Contracts set rights that are gained by the parties or individuals involved, whereas responsibilities are placed on them as well that they are required to fulfil.

Contract law ensures everyone involved gain something and no harm is caused to any one of them by providing a framework for contracts to be executed in the best manner. It could be said to be the backbone of business transactions that are completely reliant on the functioning of this area of law.

It ensures the development of society by offering the individuals living in it a legal way of making promises and ensuring these are fulfilled. It sets expectations and protects the rights of those involved, and is concerned with the rights and obligations that arise from such agreements.

The process of successfully forming a contract requires legal assistance from a professional with sound knowledge of contract law which includes the rules and regulations as well as the principles governing contracts. This is what makes the study of contract law so lucrative and motivate the students to enroll in the programs that equip them with the required expertise.

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To form a legal contract, there are specific requirements that are required to be fulfilled. In case these conditions aren't fulfilled, it is not liable to be formed legally and therefore, would have no legal value. The conditions that make it enforceable by law are:

Offer: There has to be an offer made by a party that is required to be agreed upon by the other. This not only includes the offer but also the terms and conditions to which the parties are required to agree.

Acceptance: Just an offer made by a party to the other is not enough to make the contract legal, it is also required to be accepted as well. It is said to be legal in the case where the other party accepts the offer and doesn't propose a counteroffer or request for changes. At this stage, the agreement is formed and all the paperwork related to it are finalized and signed.

Consideration: Consideration is said to be the condition where both of the parties involved have something to offer to the other. For example, if it is a sale agreement then one party is required to offer the goods at the agreed-upon price and the other one is required to make the payment against it.

Intent: It is referred to the voluntary mutual agreement between parties for the execution of the contract. A contract can only be enforced legally if all the parties involved agree to the terms and conditions mentioned in the documentation.

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