Contract Law a contract is a legally enforceable agreement between two or more parties. This chapter presents a discussion of the elements of this statement in order to provide a general appreciation of the legal significance of entering into and administering a contract. The following is only intended as an overview and should not be considered definitive; legal counsel should be consulted as required.Contract Law A contract is a legally enforceable agreement between two or more parties. This chapter presents a discussion of the elements of this statement in order to provide a general appreciation of the legal significance of entering into and administering a contract. The following is only intended as an overview and should not be considered definitive; legal counsel should be consulted as required.