What is the purpose of a contract?

the main purpose of a contract is to bind the parties to their obligations toward each other and assure them the reception of their rights.

The main purpose of contract is to officially assigned the responsibility to a particular firm.

Purpose of Contract is-

1) Create basis of agreement and define obligations of each party such as scope, quality, milestones, payments etc.

2)To abide parties legally.

3) Create agreed mechanism to address claims and disputes.