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 Minnesota, as in other states, a contract is a legally binding agreement between parties that creates mutual obligations. The essential elements required to form an enforceable contract in Minnesota 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 be enforceable, and the parties must intend to create a legal obligation. The contract can be in writing or oral, although certain types of contracts, such as those involving real estate or exceeding a certain value, may be required by law to be in writing under the Statute of Frauds. The terms 'agreement' and 'contract' are often used synonymously, and a document titled 'agreement' that contains the necessary legal elements can be as enforceable as one labeled 'contract'. It is important to note that some contracts may be subject to specific regulations and statutes depending on the context and subject matter of the agreement.