A contract is an agreement that can be enforced in a court and this concept forms a fundamental part of Australian law. In many cases, a mere promise can be binding under the law, especially under the Competition and Consumer Act 2010. For an agreement to be binding as a contract, there must be:
- clarity on who is party to the contract
- an intention create legal relations
- one party accepts an offer made by another party
- each party must receive and give as a result of the agreement
- the agreement must be clear in stating what is expected of each party
