What is defined as a legally enforceable promise or set of promises between competent parties, with consideration, to do or abstain from doing a legal act?

• A. Implied Contract
• B. Express Contract
• C. Contract
• D. Oral Contract

Answer: (C)

A contract is a legally enforceable promise or set of promises between competent parties, with consideration, to do or abstain from doing a legal act. This definition matches the general idea of a contract: there must be an offer and acceptance, something of value exchanged (consideration), and the parties must have the capacity to contract, with the promise relating to a lawful act. The description isn’t limited to a specific form or explicit terms—it covers contracts formed by any means.

An express contract is simply a contract where the terms are clearly stated, either in writing or spoken. An oral contract is a type of express contract formed by spoken terms. An implied contract, by contrast, arises from the conduct of the parties rather than from explicit words or writings.