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(McKendrick, p17)
Contract: 'an agreement between two or more parties having the capacity to make
It, in the form demanded by law, to perform, on one side or both, acts which are
Not trifling, indeterminate, impossible or illegal' (MacQueen, p3).
A contract requires only an agreement. For it to be a contract, the agreement must be one under which action, or performance, is to take place (McKendrick,p20)As has been said, a contract requires two or more parties, but the obligation of performance under it may exist for only one of them or both.
In a contract, the parties involved voluntarily bind themselves and agree to perform what they have agreed...
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