A Contract is a written and legally binding document which commits parties of the agreement to the terms, rights and responsibilities contained. Contracts qualify as intangible assets because they can be recognised, separated from tangible assets and their associated economic value can be reliably estimated. Contracts grant the recipients exclusive rights to the economic benefits during the contract period which are legally enforceable. Business valuators estimate the fair market value of contracts by applying techniques under the cost, market, and income methods. Even though there are oral contracts, only written contracts qualify as an intangible asset which can be valued because non-written contracts cannot be enforced.