A contract is a legally enforceable agreement between two or more parties (individuals or businesses), created when the parties to the agreement assume a legal duty under the contract. For example, Party A may agree to pay a set amount of money to receive a service, while Party B agrees to perform the service in return for payment. The law of contracts covers a broad number of areas -- including proper formation of a contract and appropriate remedies for breaking or "breaching" a contract.

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More information on Contracts:

• Contract Law: The Basics
• Contracts and Forms A to Z