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 New York, a contract is recognized as a legally binding agreement between parties that can be written or oral, provided it contains the necessary elements to be enforceable. These elements include an offer, acceptance of that offer, and consideration, which is something of value exchanged between the parties. The consideration must represent a bargained-for exchange, reflecting each party's agreement to provide something of value in return for the other's performance or promise. Specificity is also crucial; the terms of the contract must be clear enough to provide a basis for enforcement. In New York, as in other jurisdictions, 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 essential elements that constitute a contract. It's important to note that while many contracts are enforceable whether they are oral or written, New York's Statute of Frauds requires certain types of contracts to be in writing to be enforceable, such as contracts for the sale of real property, contracts that cannot be performed within one year, and contracts for goods priced at $500 or more under the Uniform Commercial Code.