A contract is generally a written or spoken agreement between persons or entities that includes obligations for each party (mutual obligations or mutuality) and enough specific information to be enforceable by either party (specificity).

The elements of forming an enforceable contract are generally (1) an offer made; (2) acceptance of the offer; and (3) consideration given by each party for the other party’s performance of the agreement—such as money in exchange for products or services, or mutual promises exchanged—which is often referred to as the bargained-for exchange.

The word "agreement" is often used interchangeably with the word "contract," and a document labeled as an agreement (with the necessary legal elements included) is as enforceable as a document labeled as a contract.

In Washington State, a contract is recognized as a legally binding agreement when it meets certain criteria. These criteria include the presence of an offer, acceptance of that offer, and consideration, which is something of value exchanged between the parties. The consideration must represent a bargained-for exchange, such as money for goods or services, or mutual promises. Contracts can be written or oral, although certain types of contracts must be in writing to be enforceable under the Statute of Frauds, such as contracts for the sale of real estate or agreements that cannot be performed within one year. The terms 'agreement' and 'contract' are often used interchangeably, and the enforceability of the document does not depend on its label, but rather on the presence of the necessary legal elements. If these elements are present, the agreement, regardless of whether it is labeled as an 'agreement' or a 'contract,' can be enforced by the courts in Washington State.