Contract - a contract is an obligation, such as an accepted offer, between competent parties upon a legal consideration, to do or abstain from doing some act. The essential elements of a contract are: an offer and an acceptance of that offer; the capacity of the parties to contract; consideration to support the contract; a mutual identity of consent; legality of purpose; and sufficient certainty of terms. Under the Government Contracts Regulations, a contract means a construction contract, a goods contract, a service contract or a lease entered into by a contracting authority.

Source: Canadian Govt

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Is profit made when you buy or when you sell?