Contract – within the Contracts & Obligations Lawin most countriesthe term refers to a voluntary agreement between two or more parties which obliges each party to do or not to do a certain thing. Technically, a valid contract requires an offer and an acceptance of that offer, and, in common law jurisdictions, consideration. Mostly the contracts are concluded in written form in order to be proved as existing ones. See also http://en.wikipedia.org/wiki/Contract .