A legal document, usually in writing, giving details of a formal legally binding agreement, between two or more different people or groups. To be legally binding it must contain certain elements: it must contain an offer made by one party and accepted in its entirety by the other, it must include some form of consideration whether it be money, goods or services, and it must be properly signed by all parties to it, and dated.

The term that describes a duty that is enforced by a court and where non-fulfilment may incur a penalty.

A formal promise by one party (the guarantor or surety) to another party (the creditor) to accept responsibility of a third party’s (the principal debtor) debt, if that third party cannot or refuses to pay it.

Is deliberate deception to secure an unfair or unlawful gain. It is both a civil wrong (a fraud victim may sue the fraud perpetrator to remedy the fraud and/or recover compensation) and a criminal offence (a fraud perpetrator may be prosecuted and imprisoned by the government authorities).