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.

Contracts between governmental entities and contracts between private citizens or entities and governmental entities often have unique considerations such as the contracting or bidding process for government contracts and the governmental entity's legal liability for failing to meet its obligations under the terms of a contract (see the subtopic on sovereign immunity).

In Wyoming, as in other states, a contract is a legally binding agreement between parties that can be written or oral. The essential elements for forming an enforceable contract in Wyoming include an offer, acceptance of that offer, and consideration, which refers to the value exchanged between the parties. This exchange could be in the form of money, services, or mutual promises. For a contract to be enforceable, the terms must be clear enough that the obligations of each party are identifiable. While the terms 'agreement' and 'contract' are often used interchangeably, the enforceability hinges on the presence of the necessary legal elements, not the title of the document. Contracts involving government entities in Wyoming may have additional requirements due to sovereign immunity, which can limit the government's liability and affect the contracting process. For instance, there may be specific bidding procedures for government contracts and certain immunities that protect the government from being sued. It is advisable to consult with an attorney to navigate the complexities of contracts involving governmental entities.