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- Dictionarycontract
noun
- 1. a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law: "he has just signed a contract keeping him with the club"
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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Contract. Definition: The term contract is defined as an agreement between two or more parties which has a binding nature, in essence, the agreement with legal enforceability is said to be a contract. It creates and defines the duties and obligations of the parties involved.
Indian Contract Act frames and validates the contracts or agreements between various parties. Contract Act is one of the most central laws that regulates and oversees all the business wherever there is a case of a deal or an agreement.
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.
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.
Aug 8, 2023 · A contract is an agreement between two private parties that creates mutual legal obligations for the parties to the contract. Contracts can be in an oral form or a written form. However, it is important to note that an oral contract is more challenging to enforce and should be avoided when possible.
Oct 25, 2015 · Contract law is a body of law that governs, enforces, and interprets agreements related to an exchange of goods, services, properties, or money. According to contract law, an agreement made between two or more people or business entities, in which there is a promise to do something in return for a gain or advantage, is legally binding.
Simply put, a contract is an agreement between two or more people or entities that creates a legal duty or responsibility. Entities entering a contract might include individual people, companies, corporations and organizations, but there are a few conditions that must be met for the contract to hold water in the courtroom.
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.
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.
Mar 1, 2024 · A contract is a formal, legally binding agreement between two parties. This agreement creates “mutual obligations that are enforceable by law.” In most cases, contact law calls for this agreement to be expressed with an offer, and then several other elements must be satisfied to complete the process.
