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contract | Wex | US Law | LII Legal Information Institute 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
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 - 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 The activities and intentions of the parties entering into a contract may be referred to as contracting In the event of a breach of
What is Contract? definition, elements and types - Business Jargons 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
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
Agreement vs. Contract: Whats the Difference? - LawDistrict Agreement vs Contract: What's the Difference? An agreement is a mutual understanding between parties that may be informal and is not always legally enforceable A contract is a legally enforceable agreement that requires specific elements, such as offer, acceptance, consideration, and legality
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
Contract | Definition, History, Facts | Britannica Money 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