today's sport industry, contracts are a ubiquitous fact of life. Generally contacts are used to formalize relationships involving exchanges of personal services or goods. In the sport industry, contracts may involve television and sponsorship coverage, contest scheduling, equipment purchases, players' and coaches' contracts, facility leases, licensing agreements, and athletic grant-in-aids. Reading this chapter does not substitute for the need to obtain legal representation for contractual matters. However, this chapter's contract fundamentals provide an overview and information that can help avoid troubling situations. At its most basic, a contract is an agreement between two or more parties that creates enforceable obligations recognizable at law explain his or her need for legal counsel and help in establishing a well-written contract (Ammon, Southall, & Nagel, 2010)