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 Oregon, as in most states, a contract is a legally binding agreement between parties that creates mutual obligations. The essential elements for forming an enforceable contract in Oregon 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 contract must also have sufficient specificity, meaning it must contain enough detail to outline the obligations of each party so that it can be enforced in a court of law. While contracts can be either written or oral, certain types of contracts must be in writing to be enforceable under the statute of frauds, such as contracts for the sale of real estate or agreements that cannot be performed within one year. The terms 'agreement' and 'contract' are often used interchangeably, and a document titled 'agreement' can be as enforceable as one titled 'contract,' provided it contains the necessary legal elements.