The conversation between human and AI assistant.
[|Human|] Summarize this article into 3 sentences.
[|AI|] The key legal principles to consider when creating a contract are explained in this article. The significance of specifying the obligation's scope and objective for both parties is highlighted, as well as any warranties and liabilities. This  ensures that all parties have a clear understanding of their responsibilities before entering into a contract agreement.
[|Human|] 
Summarize this article into 3 sentences.