Write the definition of contract.

Definition of Contract A contract is a legally binding agreement between two or more parties that creates mutual obligations enforceable by law. According to Section 2(h) of the Contract Act, 2074 (2017), a contract is defined as:

"An agreement enforceable by law is a contract."

Key elements of a valid contract include:

• Offer and acceptance (agreement),
• Lawful consideration (something of value exchanged),
• Intention to create legal relations (serious business intent),
• Lawful object and parties (legal purpose and competent parties).

A contract may be written, oral, or implied but must satisfy these essentials to be legally binding. The absence of any element renders the agreement void.