What is Contract?

A contract in its general sense is an undertaking entered into jointly by several persons or institutions for a particular purpose, where material interests are involved. In the language of law, a valid contract must contain certain elements such as an offer by one valid party and a promise to accept it by the other party and must be legally enforceable. Any illegal contract is void ab initio. The parties to the contract must be minors and of sound mind. The contract must contain elements of legal redress and enforceability by law.