Contracts are agreements that can be simple or complex, but
to be legally binding must include the following information: (1) one person or
business has made an offer and another person or business has accepted the
offer, (2) something of value or a promise of something of value has been
exchanged for another thing of value. A contract can be a written document or,
in some states and circumstances, an oral agreement. A contract can be revoked
(retracted) if it has not yet been accepted and it can have an expiration date.
Contracts apply to a broad range of subjects including employment, automobiles,
real estate, and other exchanges of goods, services, or money.
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