Contract
/ˈkɒn.trækt/
Definitions
- (n.) A legally binding agreement between two or more parties creating mutual obligations enforceable by law.
The parties signed a contract to lease the property for five years.
- (v.) To enter into a formal and legally binding agreement.
They contracted with a supplier to provide raw materials monthly.
- (v.) To reduce in size, number, or range.
The law firm contracted its operations due to budget cuts.
Forms
- contracts
- contracted
- contracting
Related terms
See also
Commentary
In usage, distinguish between 'contract' as a noun (the agreement) and as a verb (to enter into one); clarity is vital in drafting to avoid ambiguity.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.