A legal contract is an agreement which is enforceable under contract laws. The majority of legal contracts are written and signed. In some jurisdictions, oral agreements may also be recognized as legal contracts. It is, in general, best for a contract to be formalized in writing, especially if the subject matter is valuable or governs a complex.. The basics explained. Simply put, a contract is an agreement between two or more people or entities that creates a legal duty or responsibility. Entities entering a contract might include individual people, companies, corporations and organizations, but there are a few conditions that must be met for the contract to hold water in the courtroom.

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Contract Law in Canada. A contract is a legally binding agreement between two or more persons for a particular purpose. It is an instrument for the economic exchange of goods and services. In Canada, contract law is administered both in common law and, in Quebec, civil law.. A contract is an agreement between two private parties that creates mutual legal obligations for the parties to the contract. Contracts can be in an oral form or a written form. However, it is important to note that an oral contract is more challenging to enforce and should be avoided when possible. Some contracts have to be in writing to be.