What is a Contract?

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A written or oral agreement between two parties that binds each member to completing or not competing certain tasks. When an individual, company or organization voluntarily, purposefully and legally enters into a binding agreement (bound by law) between two or more parties that are deemed of sound mind (competent). Typically all parties should receive a copy of he contract to be valid and no parties can be under duress or intoxicated at any point, otherwise a court may rule a contract null and void.