From a legal point of view, a contract is a legally binding agreement between two or more parties which, if it contains the elements of a valid legal agreement, can be implemented by law  or by a binding arbitration procedure. A legally enforceable contract is an exchange of commitments with specific remedies in the event of an infringement. These may include a compensatory measure in which the defaulting party is required to pay funds that would otherwise have been exchanged if the contract had been complied with, or a fair appeal, such as the specific performance in which the person who concluded the contract is required to perform the specific act that he or she did not comply with. A null contract is a contract that has no legal value, since a transaction has no legal effect, it is an abuse of conditions to qualify transactions as null contracts. .