Who can accept an offer in a contract? Typically, each party promises to do something for the other in exchange for a benefit. In the aspect of law, a contract is a legally binding agreement between two or more parties which contains elements of a valid legal agreement which is enforceable by law. Contracts can either be written, oral, or a combination of both. It may be oral or written. A contract is a legally enforceable agreement between two or more parties. There are some contracts which must be in writing, including the sale of property or a tenancy agreement for more than 12 months. An agreement is said to be reached when an offer offered by the offeree has been accept by the acceptor as an acceptance. A contract is essentially a set of promises. A contract is a legally binding promise made between at least 2 parties in order to fulfil an obligation in exchange for something of value. Saying a contract is valid means it's legally binding and enforceable. A contract is basically an agreement to do or not to do something.