A business contract is a legally binding agreement between two or more parties that outlines the terms and conditions of a specific transaction or relationship. It typically includes details such as the responsibilities of each party, payment terms, deadlines, and any other relevant provisions. Contracts can be written or verbal, but written contracts are generally preferred for clarity and legal protection. These contracts are essential in various business contexts, including sales, services, and partnerships. They help ensure that all parties understand their obligations and can provide a framework for resolving disputes if they arise. Properly drafted contracts can protect the interests of all involved parties.