Contract definitions

What does the word contract mean? How do you create a contract? How to use contract in a sentence. Synonym Discussion of contract.

Contract definition , an agreement between two or more parties for the doing or not doing of something specified.

Trending In Contracts. An analysis and evaluation of a proposed project to. There are essentially six elements of a contract that make it a legal and binding document.

The first letter of the defined term should be capitalised. If a defined term consists of more words, each word. Acceptance - the unconditional agreement to an offer. This creates the contract.

Before acceptance,.

Financial glossary. Note: terms highlighted in bold within the current definitions (eg wound up) are explained. A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law. A voluntary, deliberate, and legally binding agreement between two or more competent parties. Contracts are usually written but may be spoken or implie and generally have to do with employment, sale or lease, or tenancy.

Defining terms is a widely used technique in contract drafting. Definition of Contract according to different personals. Arguably, definitions make contracts shorter and clearer, because there is no need to re-define a term at multiple places and because it ensures consistency of interpretation across the contract. Secretary of State. Defined terms are usually capitalized to alert the reader.

The main contractor contemplates that the design development and supply of certain components needed for performance of the main contract will be undertaken by various third parties in pursuance of sub- contracts made between them and the main contractor. The definition of a (signed) ‘contract’ should identify the title of that contract, its date, the parties and the amendments (if any). If the contract is attached as a schedule, there is no need to include more than a reference to the schedule an if desire the title or type of contract (not capitalised). Each term gives rise to a contractual obligation, breach of which can give rise to litigation.

Not all terms are stated expressly and some terms carry less legal gravity as they are peripheral to the objectives of the contract. A contractual term is any provision forming part of a contract. FTE indicates the proportion of a full-time year being undertaken over the course of the reporting period August to July.

He was given a seven-year contract with an annual salary of $15000. Contract , in the simplest definition, a promise enforceable by law. The making of a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting.

The purpose of a contract is to establish the agreement that the parties have made and to fix their rights and duties in accordance with that agreement. Contract law is a body of law that governs, enforces, and interprets agreements related to an exchange of goods, services, properties, or money. According to contract law, an agreement made between two or more people or business entities, in which there is a promise to do something in return for a gain or advantage, is legally binding. The International Accounting Standards (IAS) define an onerous contract as a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits.

Academic contract staff are defined as professionals holding a contract for planning, directing and undertaking academic teaching and research within HE providers. Examples of such contracts include those for vice-chancellors, medical practitioners, dentists, veterinarians and other health care professionals who undertake lecturing or research activities.