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A legal agreement is a formal contract between two or more parties that is enforceable by law. It outlines the rights, responsibilities, and obligations each party has agreed to. For an agreement to be legally binding, it typically requires an offer, acceptance, and consideration (something of value exchanged). Both parties must consent willingly, and the agreement must not involve illegal activities. Legal agreements can be written, oral, or implied by actions, though written agreements are often preferred to avoid misunderstandings. Examples include contracts for services, sales agreements, or leases. Breaching a legal agreement can result in legal consequences, such as fines or lawsuits.