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.

A contract in which all elements of a contract are specifically stated (offer, acceptance and consideration), and the terms are set out, as compared with an implied contract in which the existence of the contract is assumed by the circumstances.

Refers to the terms of a contract or a judgment or a rule of law which it is possible, where necessary, to make people obey.

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

A common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties such as war, strike, riot, crime, or an event known as an act of God (such as a hurricane, flooding, earthquake, volcanic eruption etc.), prevents one or both parties from fulfilling their obligations under the contract. In practice, most force majeure clauses do not exclude a party’s non-performance entirely, but only suspends it for the duration of the force majeure event.