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The meaning of CONTRACT is a binding agreement between two or more persons or parties; especially : one legally enforceable. How to use contract in a sentence. Synonym Discussion of Contract.
A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
CONTRACT definition: 1. a legal document that states and explains a formal agreement between two different people or…. Learn more.
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date.
Apr 30, 2024 · contract, in the simplest definition, a promise enforceable by law. The promise may be to do something or to refrain from doing something. The making of a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting.
Contract definition: an agreement between two or more parties for the doing or not doing of something specified.. See examples of CONTRACT used in a sentence.
contract - A legally binding agreement made between two or more parties that creates duties and rights, and provides remedies for breaches of those duties.
What is a Contract? A contract is either a written or spoken agreement between two or more parties that includes terms and conditions, which creates a legal obligation. The terms of a contract are enforceable by law, with clearly defined penalties and remedies should the contract be breached.
The most basic rule of contract law is that a legal contract exists when one party makes an offer and the other party accepts it. For most types of contracts, this can be done either orally or in writing.
A contract is a legally binding agreement between two or more parties entering into an exchange of value, typically the sale of goods or services. It outlines the obligations and responsibilities of all parties and holds them accountable to the original agreement.
