A contractual agreement is a legally binding arrangement between two or more parties. It outlines the rights and responsibilities of each party involved, ensuring that everyone understands their obligations. These agreements can cover various topics, such as employment, sales, or services, and are essential for protecting the interests of all parties. To create a valid contractual agreement, certain elements must be present, including an offer, acceptance, consideration, and mutual consent. If one party fails to meet their obligations, the other party may seek legal remedies. Common examples of contractual agreements include leases, employment contracts, and purchase agreements.