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CONTRACT Definition Meaning - Merriam-Webster 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
contract | Wex | US Law | LII Legal Information Institute 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
What is a Contract? - LegalMatch 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
What is Contract? definition, elements and types - Business Jargons 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
Contracts 101: Definition, Types, Essential Elements Lifecycle - Factor Contracts are legally binding agreements They outline the terms and conditions of the agreement (such as the goods or services being exchanged), the responsibilities and obligations of each party and the consequences of non-compliance
What is contract law? Definition and types | LawDistrict A written and signed contract creates an obligation between two or more parties to do or not do particular things, such as an exchange of money for goods or services provided
What is contract law? - The University of Law Freedom of contract is a key part of contract law and means the parties involved are free to negotiate the terms of their agreement without external influence There are of course times when this can be limited, for example legal legislation could place limits on contractual freedom to prevent abuse, unfair treatment and inequality
What is a contract? - Thomson Reuters Law Blog First, it will be helpful to define the term and answer the question, “What exactly is a contract?” A contract is a formal, legally binding agreement between two parties This agreement creates “mutual obligations that are enforceable by law ”