The term contract is the description of an agreement that is voluntary between 2 or more people or parties. A contract is a legally binding agreement. Contract law is all about the rights and duties that can arise from such agreements between the parties. A contract is brought about when the two or more parties make an agreement. When a contract is formed it usually requires the following. An offer, the offer is then accepted and there is consideration before it is mutually bound. Each person or party within the said contract must have the capacity to enter the said agreement. Some people may have insufficient capacity to enter a contract, these include children under 16, those suffering from mental illness or are intoxicated. Formalities may be required such as memorialisation in writing may be required when forming a contract. See below for a range of subjects within Contract Law.