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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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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.
CONTRACT definition: 1. a legal document that states and explains a formal agreement between two different people or…. Learn more.
The Indian Contract Act, 1872 defines the term “Contract” under its section 2 (h) as “An agreement enforceable by law”. In other words, we can say that a contract is anything that is an agreement and enforceable by the law of the land. This definition has two major elements in it viz – “agreement” and “enforceable by law”.
Dec 27, 2020 · So by the definition we can easily say that an agreement between two or more parties to do or abstain from doing something. According to Anson, “the law of contract is that branch of law which determines the circumstances in which a promise shall be legally binding on the person making it”. Two Important things for the formation of a contract.
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.
Feb 26, 2024 · What is a Contract? Indian Contract Act, 1872 frames the contracts or agreements between different parties. An agreement involving legal enforceability is said to be a contract. It specifies the responsibilities of both the parties concerned. In every contract, the offeror makes an offer to enter into a contract with the offeree.
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.
Sep 25, 2019 · A contract is an agreement between parties reduced in writing giving effect to the purpose of the parties. Section 2 (h) of the Indian Contract Act, 1872, as follows ‘’ An agreement enforceable by law is a contract’’. Two essentials for a contract- (1) an agreement, and (2) the agreement should comply with the law.
CONTRACT meaning: 1. a legal document that states and explains a formal agreement between two different people or…. Learn more.
A contract is a legal agreement, usually between two companies or between an employer and employee, which involves doing work for a stated sum of money. The company won a prestigious contract for work on Europe's tallest building. He was given a seven-year contract with an annual salary of $150,000.
