A contract is a written or spoken agreement intended to be enforceable by law.
It is an agreement between two or more parties creating obligations that are enforceable or otherwise recognizable at law.
A contract or agreement is either where a promise is made on one side and assented to on the other, or where two or more persons enter into an agreement with each other by a promise on either side.
There are four basic elements in the formation of a contract in Cameroon;
- An agreement between the parties (which is also shown by the fact that one has made an offer and the other has accepted it).
- An intention to be legally bound by that agreement is often called an intention to create legal relations.
- Certainty as to the terms of the contract.
- Consideration is provided by each of the parties. That is there must be some kind of exchange between the parties.
In addition, the parties must have the legal capacity and in some cases, they must comply with certain formalities.
It is not necessary for a contract to be in writing for a contract is an agreement not a piece of paper.