When starting a new business or changing the terms of a business, a business contract is frequently utilized. A contract is a legal agreement between two or more parties. Contracts may be specific or broad, depending upon the particular needs of the parties. Business contracts include partnership agreements, indemnity agreements, releases, joint venture agreements, stock purchase agreements and more. In order to be a valid contract, the contract must contain certain elements. Initially, the parties to the contract must have what is called a "meeting of the minds." This means that both parties mutually understand the terms of the contract. Next, the contract must involve an offer to the one party which is accepted by the other party to the contract. If a party makes a counter-offer, this automatically nullifies the offer and acts as a rejection of the original offer. Moreover, the contract must also have consideration for the agreement. Consideration is something of value which is exchanged, such as money or mutual promises by either party. In addition, in order to enforce a contract, there must be performance of the promises or delivery of the goods involved in the contract.