Business contracts are enforceable legal agreements entered between at least two parties engaged/proposing to be engaged in a business like structure or may be used in instances where services are rendered for a fee or where a specific duties are required to be performed. Business contracts to be valid must fulfil certain statutory requirements like name of the parties (it can be individual or a business name), consideration, terms and conditions including the right and obligations of each party and the legal purpose of the business agreement. Hiring contracts are entered into by two individuals setting out certain terms and conditions with respect to their duties and obligations.