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Bookmark or Share- What is a Contract: Everything You Should Know - Contract LawyersA 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.
- contract | Wex | US Law | LII / Legal Information InstituteA 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.
- Requirements of a Legally Binding Contract | NoloWhat makes a contract special—and essential for business dealings—is that it's binding on the parties. If one party doesn't hold up its end of the bargain, the other party has legal remedies for any resulting damages. It's important to understand the basics of creating, interpreting, and negotiating a contract.
- Contract Definition & Meaning - Merriam-Webstercontract. 1 of 3. noun. con· tract ˈkän-ˌtrakt. Synonyms of contract. 1. a. : a binding agreement between two or more persons or parties. especially : one legally enforceable. If he breaks the contract, he'll be sued. b. : a business arrangement for the supply of goods or services at a fixed price. make parts on contract. c.
- Contracts 101: What is a Contract? - Rocket LawyerA contract is an agreement that creates a legal duty or responsibility. Learn more about written and oral contracts and how to make one.
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