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 Ohio, as in other states, a contract is a legally binding agreement between parties that can be either written or oral. The essential elements required to form an enforceable contract in Ohio 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 a promise to perform or refrain from performing a certain action. The terms of the contract must be clear enough that the obligations of each party are identifiable, and there must be mutual assent or a meeting of the minds. While the terms 'agreement' and 'contract' are often used interchangeably, for a document to be enforceable as a contract, it must contain these necessary legal elements. If these elements are present, the agreement, regardless of whether it is labeled as an 'agreement' or a 'contract,' is legally enforceable in Ohio.