Contract
A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
"Both parties must sign the contract."
Agreement
A negotiated and typically legally binding arrangement between parties as to a course of action.
"They reached an agreement on the terms."
Offer
An expression of readiness to contract on specified terms, made with the intention that it shall become binding as soon as it is accepted.
"The company made an offer to buy the building."
Acceptance
The action of consenting to receive or undertake something offered.
"We require written acceptance of the offer."
Consideration
Something of value exchanged between the parties to a contract.
"The payment is the consideration for the services."
Term
A provision or condition in a contract.
"Please review the terms of the agreement carefully."
Breach
An act of breaking or failing to observe a law, agreement, or code of conduct.
"This is a breach of contract."
Party
A person or group of people forming one side in an agreement or dispute.
"The contract is between two parties."
Valid
Legally binding due to having been executed in compliance with the law.
"Is this contract legally valid?"
Clause
A particular and separate article, stipulation, or proviso in a treaty, bill, or contract.
"The confidentiality clause is on page three."