An agreement, which is backed by the mutual acceptance of a valid offer for a legal activity, is known as a contract. The persons who are entering into such a contract are parties to the contract.
What is contract?
A contract between two or more parties is said to be legally binding, when there is a mutual acceptance and agreement between the parties, where both the parties have the capacity to fulfill the agreement for a predetermined consideration.
Hence, the significance of contract is aforementioned.
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