real estate

Contract

A contract is an agreement that is made between two or more people who are legally competent in which the terms of the agreement state that one or more of the parties, in exchange for some compensation, commits to perform or abstain from doing some legal act or actions. A contract may either be unilateral (in which case just one party is obligated to act) or bilateral (in which case both parties are bound to act) (where all parties to the instrument are legally bound to act as prescribed).