As you may expect, many definition exist for the word contract. In general,a contract is a legally binding and legally enforceable promise,or set of promises,between two or more competent parties. Put another way,a contract is "a promise or set of promises for the breach of which the law gives a remedy,or the performance of which the law in some way recognizes as a duty " Most of us intuitively understand what a contract is. Still, situations exist that at first glance may appear to be contracts but are not.