Contract Defined A contract is a legally-enforceable agreement between two or more parties.

Oral Contracts Oral contracts are as legally-binding as written ones (save for those that violate the Statute of Frauds).

Elements of Legally-Binding Contracts Offer Acceptance Consideration Legality of the subject matter Contractual capacity Contractual intent

How to Create a Contract? Express Contract: one manifested by express words, whether written or oral. Implied Contract: one manifested by actions. Quasi-contract: one created by a court in order to achieve fundamental fairness.