1. A contract is the binding concurrence of an offer made by one of the contracting parties with the acceptance of the other, and their agreement in a manner that produces its legal effect in respect of the subject matter of the contract, resulting in an obligation binding each party toward the other. More than two wills may also concur in producing a legal effect. 2. A contract constitutes the law governing the contracting parties; it may not be rescinded or amended except by mutual agreement of the parties, or for reasons prescribed by law.
Interpretation and application must be checked against the official text and current version.