A contract is a legally binding document between at least two parties, which defines and regulates the rights and obligations of the parties to an agreement.  A contract is legally enforceable because it complies with the requirements and approval of the law. A contract usually involves the exchange of goods, services, money or promises from one of them. “breach of contract” means that the law must grant the victim either access to remedies, such as damages, or annulment.  Although the European Union is in fact an economic community with a number of trade rules, there is no `Community contract law`. In 1993, Harvey McGregor, a British lawyer and academic, developed a “contract code” under the auspices of the English and Scottish Law Commissions, which was a proposal to encrypt and codify the contractual laws of England and Scotland. This document has been proposed as a `treaty code for Europe`, but tensions between English and German lawyers have led to the failure of this proposal so far.  d) This agreement is established in English and Ukrainian. In the event of a conflict between the Ukrainian and English versions, the English version is given priority; or a contract is essentially an agreement for one or more parties, to do something against something valuable (or not to do). A contract can involve several parties or between companies and can encompass everything from real estate to investment to gardening services. Government authorities or individuals can also reach an agreement.
If a party does not comply with the terms, it may be found to be contrary to the contract. In order for something to be considered an agreement, an offer must be made and then accepted by the other party or by the parties, and there is no agreement without offer or acceptance. However, an agreement in itself is not necessarily a contract to be qualified. Each contracting party must be a “competent person” with the force of law. The parties may be individuals (“individuals”) or legal entities (“companies”). An agreement is reached if an “offer” is adopted. The parties must intend to be legally connected; and to be valid, the agreement must have both a correct “form” and a legitimate purpose. In England (and in jurisdictions using the principles of the English treaty), the parties must also exchange “counterparties” to create a “reciprocity of engagement,” as in Simpkins/Country.
 Arbitration decisions can generally be enforced in the same way as ordinary court decisions and are internationally recognized and enforceable under the 156-party New York Convention.