parties involved in contracts

In a contract, there are typically at least two parties involved: the "offeror," who proposes the terms of the agreement, and the "offeree," who accepts those terms. Both parties must have the capacity to enter into a contract, meaning they are of legal age and sound mind. Contracts can also include third parties who may have rights or obligations, like guarantors or beneficiaries. The roles of the parties are crucial, as they establish who is responsible for fulfilling the contract's terms and ensuring that each party receives what was promised.