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 Nevada, as in most jurisdictions, a contract is a legally binding agreement between parties that can be written or oral. To be enforceable, a contract must contain three essential elements: (1) an offer, (2) acceptance of the offer, and (3) consideration, which refers to something of value exchanged between the parties. This could be money, services, or a promise to perform or refrain from a particular action. The terms of the contract must be specific enough to be enforceable, and both parties must have a mutual understanding of their obligations, also known as mutuality. The use of the terms 'agreement' and 'contract' is often interchangeable, and the enforceability of the document does not depend on its label, but rather on the presence of the necessary legal elements. In Nevada, contracts are governed by state statutes, including the Nevada Revised Statutes, and relevant case law. It is important to note that certain types of contracts, such as those for the sale of real estate or contracts that cannot be performed within one year, must be in writing to be enforceable under the Statute of Frauds.