An agreement which the law will enforce in some way. A legally binding contract must contain at least one promise, i.e., a commitment or offer, by an offeror to and accepted by an offeree to do something in the future. A contract is thus executory rather than executed
(1) A term of reference describing a unit of trading for a commodity future or option; (2) An agreement to buy or sell a specified commodity, detailing the amount and grade of the product and the date on which the contract will mature and become deliverable
(From Latin contractus: "drawing together" or "uniting ") An agreement between two or more person that creates a legally enforceable obligation or mutual obligations to do or not to do a particular thing In France, the elements of a valid contract are (1) mutual assent, (2) cause, (3) capacity of the parties, and (4) a lawful object (French Civil Code, Art 1108) In Germany, the elements are (1) mutual assent, (2) intent to confer a benefit, (3) capacity of the parties, and (4) a lawful object (German Civil Code, §§ 518, 761, 780, 781) In the U S , the elements are (1) mutual assent, (2) consideration, (3) capacity of the parties, and (4) a lawful object (American Law Institute, Restatement of the Law, Second: Contracts, §§ 3, 8, 12)
An agreement between the Community and the participants concerning the performance of an indirect action establishing rights and obligations between the Community and the participants on the one hand, and between the participants in that indirect action, on the other
As used in ethics, the term "contract" means an explicit agreement which is freely entered into Only a small number of these would qualify as legal contracts A legal contract is a legally binding agreement among two or more parties Breach of contract is the failure to fulfill a legal contract
A contract is a legal agreement, usually between two companies or between an employer and employee, which involves doing work for a stated sum of money. The company won a prestigious contract for work on Europe's tallest building He was given a seven-year contract with an annual salary of $150,000
If you contract with someone to do something, you legally agree to do it for them or for them to do it for you. You can contract with us to deliver your cargo The Boston Museum of Fine Arts has already contracted to lease part of its collection to a museum in Japan
In the grain, feed and processing industry, an agreement between buyer and seller that a court or arbitration committee will enforce Contracts may be formed orally, but state-enacted versions of the Uniform Commercial Code (UCC) generally require that contracts must be evidenced by some writing if involving the sale or purchase of goods worth $500 or more Such writing can either be an agreement signed by both parties or a confirmation evidencing the parties' agreement Under the UCC, a written confirmation(s) exchanged between "merchants" is deemed evidence of the formation of a contract between the parties Likewise, the UCC provides that conduct by both parties which recognizes the existence of a contract can be sufficient to establish a contract for sale of goods in some cases
a variety of bridge in which the bidder receives points toward game only for the number of tricks he bid a binding agreement between two or more persons that is enforceable by law (contract bridge) the highest bid becomes the contract setting the number of tricks that the bidder must make be stricken by an illness, fall victim to an illness; "He got AIDS"; "She came down with pneumonia"; "She took a chill"
The agreement of two or more persons, upon a sufficient consideration or cause, to do, or to abstain from doing, some act; an agreement in which a party undertakes to do, or not to do, a particular thing; a formal bargain; a compact; an interchange of legal rights
An agreement between persons which obliges each party to do or not to do a certain thing Technically, a valid contract requires an offer and an acceptance of that offer, and, in common law countries, consideration
The written agreement, including OUS or any of its institution's solicitation document and the accepted portions of a bid or proposal, between OUS or any of its institutions and the contractor describing the work to be done and the obligations of the parties Depending upon the goods and services being procured, OUS or any of its institutions may use "contract" as meaning a purchase order, price agreement, or other contract document in addition to OUS's or any of its institution's solicitation document and the accepted portions of a bid or proposal
A legal agreement between entities that requires each to conduct (or refrain from conducting) certain activities This document provides each party with a right that is enforceable under our judicial system
An agreement to acquire, purchase, lease, or barter property or services For an award to be considered a contract, it normally must contain all of the following elements: detailed financial and legal requirements must be included with a specific statement of work to be performed a specific set of deliverables and/or reports to the sponsor is required separate accounting procedures are required legally binding contract clauses must be included and benefits of the project accrue to the sponsor and to the university, then to the nation
a written, legal agreement between an institution and an awarding agency normally involving the expectation of an economic benefit on the part of the contractor and the generation of a tangible product, service, or other consideration in return for sponsored support These might include testing or evaluation of proprietary products, development or construction of equipment, rights to data, patents, copyrights, technical reports or evaluation, consulting services This definition is taken from a memorandum dated June 16, 1983 from Alexander Sharp, Vice President for Business and Finance, entitled "Definitions of Gifts, Grants, and Contracts "
When something contracts or when something contracts it, it becomes smaller or shorter. Blood is only expelled from the heart when it contracts New research shows that an excess of meat and salt can contract muscles. + contraction contractions con·trac·tion the contraction and expansion of blood vessels Foods and fluids are mixed in the stomach by its muscular contractions
If you are under contract to someone, you have signed a contract agreeing to work for them, and for no-one else, during a fixed period of time. The director wanted Olivia de Havilland, then under contract to Warner Brothers. Agreement between two or more parties that creates for each party a duty to do something (e.g., to provide goods at a certain price according to a specified schedule) or a duty not to do something (e.g., to divulge an employer's trade secrets or financial status to third parties). A party's failure to honour a contract allows the other party or parties to bring an action for damages in a court of law, though arbitration may also be pursued in an effort to keep the matter confidential. In order to be valid, a contract must be entered into both willingly and freely. A contract that violates this principle, including one made with a legal minor or a person deemed mentally incompetent, may be declared unenforceable. A contract also must have a lawful objective
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