A contract is generally a written or spoken agreement between persons or entities that includes obligations for each party (mutual obligations or mutuality) and enough specific information to be enforceable by either party (specificity).

The elements of forming an enforceable contract are generally (1) an offer made; (2) acceptance of the offer; and (3) consideration given by each party for the other party’s performance of the agreement—such as money in exchange for products or services, or mutual promises exchanged—which is often referred to as the bargained-for exchange.

The word "agreement" is often used interchangeably with the word "contract," and a document labeled as an agreement (with the necessary legal elements included) is as enforceable as a document labeled as a contract.

In Alaska, as in most states, a contract is a legally binding agreement between parties that creates mutual obligations. The essential elements for forming an enforceable contract in Alaska include (1) an offer, (2) acceptance of that offer, and (3) consideration, which refers to the value exchanged between the parties, such as money, services, or mutual promises. The terms of the contract must be specific enough to provide a basis for determining what each party is required to do. Contracts can be written or oral, although certain types of contracts, such as those involving real estate, must be in writing to be enforceable under the statute of frauds. The terms 'agreement' and 'contract' are often used synonymously, and the enforceability of the document does not depend on its label, but rather on the presence of the necessary legal elements. If a document, regardless of whether it is labeled an 'agreement' or a 'contract,' contains the elements of offer, acceptance, and consideration, and is sufficiently specific, it can be enforced by the courts in Alaska.