A contract is a legal written document between two or more parties. Contracts for business organizations must contain competent persons who desire to enter into a business contract with a mutual understanding in mind. Whatever the terms are that you agree upon in turn becomes your contract(s). Business owners enter into contracts anytime they agree to take make a payment or take a specific action. In order to be enforced, some basic written agreements are required be signed and notarized. It is normally a good idea to have an attorney present when drawing up and/or signing important business contracts.