An agreement enforceable by law is known as a contract. This is a crucial concept in the legal system and serves as the foundation for any business transaction or personal promise.

A contract is an agreement between two or more parties that creates an obligation to do or not do something. It can be written or oral, but to be enforceable, it must meet certain legal requirements.

One of the essential elements of a contract is offer and acceptance. This means that one party (the offeror) makes an offer, and the other party (the offeree) accepts the offer. The terms of the agreement must be clear, and both parties must have the capacity to enter into the contract.

Another crucial element is consideration. In exchange for the promises made in the contract, each party must give something of value. This can be money, goods, services, or even a promise.

The final element is that the agreement must be legal. Contracts that involve illegal activities, such as selling illegal drugs, are not enforceable.

Contracts can be express or implied. An express contract is one in which the terms are explicitly stated, either orally or in writing. An implied contract is one in which the terms are inferred from the conduct of the parties or from the circumstances surrounding the agreement.

In addition to these elements, contracts can also be unilateral or bilateral. A unilateral contract is one in which one party makes a promise, and the other party accepts by performing a specific act. A bilateral contract is one in which both parties make promises to each other.

Enforceability is a critical aspect of contracts. If one party breaches the contract by failing to fulfill their obligations, the other party can seek legal remedies, such as damages or specific performance.

In conclusion, a contract is a legally binding agreement that creates obligations between two or more parties. It requires offer and acceptance, consideration, legal capacity, and legal subject matter. Understanding the basics of contracts is essential in any business transaction or personal promise.