A contract is a legal agreement between two or more persons who agree on certain rights and obligations. The contract specifies what the parties will do or fulfill in exchange for certain benefits or payment. The contract is binding for all parties, so everyone must respect their obligations and rights defined in the contract.

Contracts are concluded in different forms and for different purposes. It can be a written contract, an oral agreement, or they can be entered into by implied conduct, which means that the parties behave in a way that indicates they agree to certain terms.

Some examples of contracts are: employment contracts, lease contracts, sales contracts, loan contracts, license contracts, service contracts and many more. Every contract contains certain conditions relating to the time, place, price, method of execution, scope of rights and obligations and other important details that the parties must follow in order for the contract to be executed.