Legal Definitions - personal contract

A personal contract is an agreement between two or more people that creates obligations that can be enforced by law. It can be a verbal or written agreement, but it must be recognized by the law.

For example, if you agree to sell your car to your friend for a certain amount of money, and your friend agrees to pay you that amount, you have a personal contract. If your friend fails to pay you, you can take legal action to enforce the contract.

Another example is when you sign a lease agreement with your landlord. The lease agreement is a personal contract that outlines the terms and conditions of your tenancy. If you violate any of the terms, your landlord can take legal action to enforce the contract.

Personal contracts are important because they help to establish trust and accountability between parties. They ensure that both parties understand their obligations and responsibilities, and provide a legal framework for resolving disputes.