Contract

Agreement between persons by which one party is brought under legal obligation to the other. A formal contract depends for its validity upon its form, e.g., a bond; a simple contract depends for validity upon the presence of a consideration, which is either some right, interest, or benefit, accruing to one party, or some detriment to the other. In addition to a form or consideration the parties must be capable of contracting, their a ent to the terms must be mutual and real, and the object of the agreement must be legal. In expre contracts the terms are put into words; in implied contracts the offer, or the acceptance, or both, are communicated by conduct.