👉 Pacts are agreements between two or more parties that involve a binding commitment to share resources, resources in exchange for benefits, or obligations. They can be formalized through written contracts, verbal agreements, or informal discussions. In legal terms, pacts refer to agreements made by individuals or organizations with the intent to enter into a specific transaction, such as buying goods or services from one another. They are often used in business transactions and can include provisions for payment, exchange of assets, or obligations. The