An agreement that is made either verbally or in writing is known as a contract. This term refers to a legally enforceable agreement between two or more parties who agree to perform or not perform certain obligations.

Contracts are common in various aspects of daily life, including employment, real estate, and business transactions. A contract may be created through a written document, through a verbal agreement, or through a combination of both. However, it is important to note that some contracts must be in writing to be legally binding and enforceable.

When creating a contract, it is important to include certain key elements. These include the identification of the parties involved, the terms and conditions of the agreement, the obligations and responsibilities of each party, the payment or consideration involved, and any other necessary details.

In addition, it is important to ensure that the terms of the contract are clear and unambiguous. This can help to prevent misunderstandings and disputes down the line. It is also important to ensure that all parties involved fully understand the terms of the agreement before signing or agreeing to it.

Overall, contracts are a vital tool for ensuring that agreements are legally enforceable and that both parties are able to fulfill their obligations. Whether made verbally or in writing, contracts provide a framework for successful transactions and relationships. As a professional, it is important to be familiar with the terminology and concepts surrounding contracts to create effective and informative content on the topic.