“Something of value” could be a promise to provide certain services of one party, while the other party agrees to pay a royalty for the work done. A contract is an agreement between two private parties that create reciprocal legal obligations. Contracts can be written or oral, although written contracts are generally easier to enforce. In addition, certain types of contracts can only be legally recognized if they are in writing. For example, contracts that must be written to be enforceable are marriage contracts and all contracts that involve a large amount of money, for example. B a contract for the sale of goods over $500. For a contract to be legally acceptable and binding, the subject matter of the contract must be legal and comply with all provisions that may apply. .