kat is fifteen. in most states, for contractual purposes, kat would be considered a minor until she is eighteen.
The primary purpose of a contract is to formalize a new relationship and outline the various legal obligations each party has to the other. Today, most contracts are between companies rather than between individuals.
In a contract, the intent is the decision of the parties to act or perform in a particular way. This is the state of mind in which the parties enter into their contractual obligations.
The contractual agreement is another term sometimes used instead of "contract". A contractual agreement is therefore a legally enforceable agreement made by two or more parties that they may or may not do one or more things specified in the contract.
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