JAMB - Commerce (2024 - No. 7)

A contract is a legally binding agreement between two or more parties that creates obligations that are enforceable by law. For a contract to be valid, it typically requires an offer, acceptance, consideration (something of value exchanged between the parties), legal capacity of the parties, and a lawful purpose. Once all the necessary elements are present, a contract is formed, and the parties involved are legally obligated to fulfill their respective obligations as outlined in the agreement.