e Contract is an agreement between competent parties, upon a legal consideration, to do or abstain from doing some act A contract is an exchange of promises between two or more parties to do, or retrain from doing, an act which is enforceable in a court of aw Contract is an agreement between competent parties, upon a legal consideration, to do or abstain from doing some act.  A contract is an exchange of promises between two or more parties to do, or refrain from doing, an act which is enforceable in a court of law