A contract is a legally binding exchange of promises or agreement between
parties that the law will enforce. Contract law is based on the Latin phrase
pacta sunt servanda (pacts must be kept).[1] Breach of contract is
recognised by the law and remedies can be provided. Almost everyone makes
contracts every day. Sometimes written contracts are required, e.g., when
buying a house.[2] However the vast majority of contracts can be and are
made orally, like buying a law text book, or a coffee at a shop. Contract
law can be classified, as is habitual in civil law systems, as part of a
general law of obligations (along with tort, unjust enrichment or
restitution)
From: Wikipedia
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CONTRACT