This Practice Note describes the structure and form of a business-to-business commercial contract or agreement. It outlines the form which commercial agreements generally take and explains what information should be included in the contract document, including in the parties, background (or recitals), main body, schedules and attestation sections. Form of commercial contracts How a contract is formed A contract is a legally binding agreement that grants rights and creates duties between two or more parties. Contract law principles provide that for a contract to exist, four key elements must be present: • offer • acceptance • consideration • an intention to create legal relations For more information, see Practice Notes: • Ireland—Contract law essentials • Ireland—Contracts—formation and interpretation Simple contracts v deeds Simple contracts may be created orally, by conduct or in writing. Certain types of simple contracts, however, must be created in writing. For details, see Practice Note: Ireland—Executing simple contracts and deeds. Some agreements require greater formality and must be executed by deed, for example, a legal estate