A contract is a legally binding agreement between two or more parties. This agreement can be made in writing, orally, or even implied by the actions of the parties involved. An enforceable contract typically contains terms and conditions that both parties must agree to, and once these are met, the contract is considered valid and enforceable. For a contract to be legally binding, it must include: 1. Offer: one party offers something to another party 2. Acceptance: the second party accepts the offer 3. Consideration: both parties exchange something of value, such as money, goods, or services 4. Mutual agreement: both parties agree to the terms of the contract If any of these parts are missing, the contract is not legally binding, and either party can back out of the agreement without repercussions. For example, there can be no enforceable contract if there is no offer. Similarly, if one party does not accept the offer, there is no contract. And finally, if no consideration is exchanged, there is no contract.