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 Florida, a contract is recognized as a legally binding agreement when it meets certain criteria. The essential elements for forming an enforceable contract in Florida include (1) an offer, (2) acceptance of that offer, and (3) sufficient consideration, which refers to the value exchanged between the parties. This could be money, services, or mutual promises that constitute a bargained-for exchange. Contracts can be written or oral, although certain types of contracts must be in writing to be enforceable under the Statute of Frauds, such as contracts for the sale of real estate or agreements that cannot be performed within one year. The terms 'agreement' and 'contract' are often used interchangeably, 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 as an 'agreement' or 'contract,' contains the required elements of offer, acceptance, and consideration, it can be enforced by the courts in Florida.