What is a Contract

The video tutorial explains the formation of contracts, emphasizing that a contract is an enforceable agreement between parties, which can be verbal or written. It highlights the necessity of mutual assent and a meeting of minds for a contract to be valid. The tutorial also discusses the legal enforceability of contracts and clarifies that the term 'contract' need not be explicitly used for an agreement to be binding. Future lectures will delve deeper into these aspects.

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