Parties Involved in a Contract

For there to be a contract, there must first be parties willing and able to consent to an agreement. These parties will bind themselves to perform their respective contractual obligations, with one offering the product or service and the other accepting the offer and paying the price. 

These parties may be referred to as vendor and buyer, client and service provider, or more commonly, promisor and promisee. In certain cases, a third-party beneficiary may be assigned to profit from the agreement without being legally obligated to perform anything under the contract. This beneficiary may be intentional or incidental.