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- Dictionarycon·tract
noun
- 1. a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law: "both parties must sign employment contracts"
verb
- 1. decrease in size, number, or range: "glass contracts as it cools" Similar Opposite
- 2. enter into a formal and legally binding agreement: "the local authority will contract with a wide range of agencies to provide services" Similar
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A contract is an agreement (oral or written) that enable parties (individuals or businesses), businesses, and society to come together and collaborate towards their specific desires and needs. They are official agreements that are enforceable by law. In other words, a contract is a legal obligation.
2 days ago · Contracts are essential for businesses because they protect all parties and define the timeline and scope of a commercial arrangement. Business Contracts do all the following: 1) Provide legal protection. 2) Ensure payment. 3) Regulate quality of work.
contract. noun. /ˈkɒntrækt/. /ˈkɑːntrækt/. an official written agreement. All employees have a written contract of employment. a research/modelling/recording contract. a lucrative government contract. contract with somebody to enter into/negotiate/sign a contract with the supplier.
A contract is created when there is an offer, consideration, and acceptance between two or more parties. Contracts must contain. a promise by one party to another that they will or will not perform a specific action in the future. Example: I will give you $500 to rake all the leaves in my front yard.”.
CONTRACT meaning: 1 : a legal agreement between people, companies, etc. often used before another noun; 2 : a document on which the words of a contract are written
Contract Law. Contract law is an area of law pertaining to legal agreements between individuals, businesses, and groups. A written and signed contract creates an to do or not do particular things, such as an exchange of money for goods or services provided.
4 days ago · An express contract is a contract where the terms are explicitly stated, either orally or in writing. An implied contract is one where the terms are not explicitly stated but inferred from the actions or conduct of the parties. Example of Express Contract: A written employment agreement specifying salary, work hours, and job duties.
Mar 25, 2024 · A contract is a formal, legally binding agreement made between two parties with a common interest in mind. This creates “mutual obligations that are enforceable by law.” In nearly all cases when a contract is formed, the arrangement begins with an offer and then several other key elements must be satisfied to codify the contract.
term: Contract. contract n. [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com - with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other's duty or a remedy for the breach ...
under an agreement enforceable by law; governed or arranged by special legal agreement: As a contract carrier with us, you'll have access to more loads than with any other provider in North America.
