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contract | Wex | US Law | LII Legal Information Institute A contract arises when a promise gives rise to a legal duty A promise is enforceable only if supported by adequate consideration, meaning something is exchanged to induce the promise
CONTRACT Definition Meaning - Merriam-Webster The meaning of CONTRACT is a binding agreement between two or more persons or parties; especially : a legally enforceable agreement between two or more parties that creates in each a duty to do something and a right to performance of the other's duty or a remedy for the breach of the other's duty
Contract - Wikipedia A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties A contract typically involves consent [1] to transfer of goods, services, money, or promise to transfer any of those at a future date
What Defines a Contract? - The University of Texas at San Antonio A contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty A legally enforceable contract requires the following elements, all of which are discussed in more detail below
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 ”
CONTRACT Definition Meaning | Dictionary. com 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 legal definition of contract This term, in its more extensive sense, includes every description of agreement, or obligation, whereby one party becomes bound to another to pay a sum of money, or to do or omit to do a certain act; or, a contract is an act which contains a perfect obligation
A Basic Introduction to Contract Law Although contract law can become extremely complicated, at heart it is really very simple A contract is nothing more than an agreement between two or more people that each will do something in exchange for receiving something