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A contract is a legally binding agreement between two or more parties, where each agrees to fulfill specific obligations in exchange for something of value, like goods, services, or money. For a contract to be valid, it must include an offer, acceptance, consideration (something of value), and mutual consent.

Contract law governs the creation, enforcement, and interpretation of these agreements. It ensures that all parties uphold their promises and provides legal remedies if one party breaches the agreement. Essentially, contract law protects the interests of parties involved in agreements, providing clarity, structure, and fairness in business and personal transactions.