Mid-Atlantic

A contract is an agreement between two or more persons for value which is legally enforceable. It includes a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes a duty. In a contract each party must receive compensation for what is put forth by each in the contract. There must be full and adequate consideration for each party to the contract. A contract must also adhere to the law of perpetuities, meaning there must be a date to commence the contract and a date when the contract will end, and this time period must be considered reasonable.