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 Louisiana, a contract is recognized as a written or oral agreement between parties that creates obligations which are enforceable by law. The essential elements for forming an enforceable contract in Louisiana are: (1) an offer, (2) acceptance of that offer, and (3) consideration, which refers to something of value exchanged between the parties. This could be money, services, or mutual promises. Louisiana law requires that the terms of the contract be sufficiently specific so that the obligations of each party are clear. The terms 'agreement' and 'contract' are often used interchangeably, and as long as the necessary legal elements are present, a document titled 'agreement' can be just as enforceable as one titled 'contract'. It's important to note that Louisiana's civil law system is influenced by the French Napoleonic Code, which makes it distinct from the common law systems in other U.S. states. Therefore, while the general principles of contract formation are similar, the specifics of Louisiana contract law may differ from those in other states.