Private Contract: Definition, Uses, and Legal Implications

Private contracts are agreements between two or more parties that are not legally enforceable in a court of law. These contracts are not overseen by any government or legal authority and are often used to facilitate transactions between parties without involving a third party. Private contracts are used in various transactions, including real estate deals, business partnerships, and other financial arrangements. Private contracts are typically less formal than standard contracts and may not include the same protections as a legal contract.