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 …

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.

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 …

CONTRACT definition: 1. a legal document that states and explains a formal agreement between two different people or…. Learn more.

CONTRACT meaning: 1 : a legal agreement between people, companies, etc. often used before another noun; 2 : a document on which the words of a contract are written

Mar 1, 2024 · 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 …

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 …