A contract is a document between two private parties that creates legal obligations for both parties. An oral or written contract is possible. Oral contracts, however, are more difficult to enforce and should be avoided if possible.
All valid business contracts must include a few key elements including an offer, and acceptance of the offer presented, a promise to perform, a valuable consideration, a time or an event of when the performance must be made, terms and conditions for the performance, and the performance itself. Since most contracts are governed by state statutes, it is critical to consider local laws while resolving a contract dispute. The contract must have a definite purpose and cannot be exploited for illegal reasons, as well as the parties' mutual agreement. This is also known as "the meeting of the minds," and it occurs when one side makes an offer to another that is accepted. Some offers may not include an expiration date; if this is the case, the offer will stay active for a “reasonable” period of time. Offers can also be withdrawn until they are accepted.
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