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foreign s must be present for a contract to be legally binding contract lot is a set of rules that is helping parties make agreements with each other to make a valid contract both parties must agree to the same thing and follow certain rules a contract is finally in agreement between two parties that is legally binding a contract has rules and if someone breaks those they may have to pay money or do something else to make up for it contract law and formation helps us understand how to make contracts hello and welcome to this video on contract law and the formation of contracts whether youre a business owner employee or just a consumer understanding contract law is essential to protect your rights and interests in this video we will cover the basics of contract law and the formation of contracts lets start with the basics what is a contract a contract is a legally binding agreement between two or more parties the parties agree to perform certain obligations and receive certain benefit
