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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"
- 2. enter into a formal and legally binding agreement: "the local authority will contract with a wide range of agencies to provide services"
Learn the various meanings and uses of the word contract as a noun, verb, and adjective. Find synonyms, antonyms, examples, etymology, and related phrases of contract.
Learn the meaning and usage of the word contract as a noun, adjective, and verb. Find synonyms, antonyms, idioms, and related words for contract.
Learn the meaning of contract as a noun and a verb in English, with synonyms, antonyms, and related words. Find out how to use contract in different contexts, such as law, business, finance, and health.
- Overview
- Elements -- Consideration and Mutual Assent
- Governing Laws
- Remedies For Breach of Contract -- Damages
Contracts are promises that the law will enforce. Contract law is generally governed by the state Common Law, and while general overall contract law is common throughout the country, some specific court interpretations of a particular element of the Contract may vary between the states. If a promise is breached, the law provides remedies to the har...
Contracts arise when a duty comes into existence, because of a promise made by one of the parties. To be legally binding as a contract, a promise must be exchanged for adequate consideration. There are two different theories or definitions of consideration: Bargain Theory of Consideration and Benefit-Detriment theory of consideration. 1) Under the ...
Contracts are mainly governed by state statutory and common (judge-made) law and private law (i.e. the private agreement). Private law principally includes the terms of the agreement between the parties who are exchanging promises. This private law may override many of the rules otherwise established by state law. Statutory law, such as the Statute...
If the agreement does not meet the legal requirements to be considered a valid contract, the “contractual agreement” will not be enforced by the law, and the breaching party will not need to indemnify the non-breaching party. That is, the plaintiff (non-breaching party) in a contractual dispute suing the breaching party may only win Expectation Dam...
Learn the meaning of contract as a noun and a verb, with examples of usage and pronunciation. Find out how to use contract in different contexts, such as a legal agreement, a reduction, a disease, or an agreement.
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties.
contract. 1. /ˈkɑnˌtrækt/ a binding agreement that is enforceable by law. 2. /kənˈtrækt/ enter into a binding arrangement. IPA guide. Other forms: contracts; contracted; contracting. When you and someone else have agreed on something and that agreement is both binding and enforceable by law, you have a contract.
