A(n) _____ is a mutually binding agreement that obligates the seller to provide the specified products or services and obligates the buyer to pay for them.

A(n) contract is a mutually binding agreement that obligates the seller to provide the specified products or services and obligates the buyer to pay for them. Contracts are fundamental to business transactions as they clearly define the expectations and responsibilities of each party involved. They can be written or oral, although written contracts are generally more enforceable. Contracts must contain certain elements such as offer, acceptance, consideration (something of value exchanged), and the intention to create legal relations. In the case of a breach, legal remedies may be pursued to enforce the terms of the contract or to seek damages for any losses incurred.