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 Rhode Island, as in other states, 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 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 a particular 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 agreement to the terms. In Rhode Island, the use of the terms 'agreement' and 'contract' is indeed interchangeable, provided that the necessary legal elements are present. A document titled 'agreement' with all the requisite elements can be as enforceable as one labeled 'contract'. It's important to note that certain types of contracts in Rhode Island, such as those for the sale of real estate or agreements that cannot be performed within one year, must be in writing to be enforceable under the Statute of Frauds.