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contract

noun

/ˈkɒn trækt/

IPA:

Dictionary definition of contract

A legally binding agreement between two or more parties that establishes rights, obligations, and responsibilities.
"She signed a contract with the publishing company for her upcoming book."

Detailed meaning of contract

It is a formal written or verbal document that outlines the terms and conditions of the agreement reached between the involved parties. Contracts can cover a wide range of transactions and relationships, such as business partnerships, employment agreements, sales or purchase agreements, or service contracts. They specify the agreed-upon terms, including the scope of work, payment details, timelines, and any other relevant provisions necessary to govern the relationship between the parties involved. Contracts serve as a means of ensuring clarity, protection, and enforceability of the agreed-upon terms, providing legal recourse if either party fails to fulfill their obligations. They play a crucial role in establishing trust, minimizing disputes, and providing a framework for the smooth operation of various interactions and transactions in both personal and professional realms.

Example sentences containing contract

1. The construction company won the contract to build the new office building.
2. They reviewed the terms of the contract before finalizing the agreement.
3. The athlete's contract with the sports team ensured a lucrative deal.
4. The lawyer carefully drafted the contract to protect the client's interests.
5. The company terminated the contract due to a breach of agreement.
6. He read the contract thoroughly before putting his signature on the dotted line.

History and etymology of contract

The noun 'contract' traces its etymological roots to the Latin word 'contractus,' which is derived from 'contrahere.' 'Contrahere' combines 'con-' meaning 'together' and 'trahere' meaning 'to draw' or 'to pull.' This etymology effectively conveys the essence of 'contract' as a legally binding agreement formed when parties figuratively draw or pull together their intentions, rights, obligations, and responsibilities. It implies a coming together of the involved parties to create a mutual understanding and commitment, often with the guidance of legal terms and conditions. The term 'contract' maintains its etymological connection to the concept of drawing together, highlighting its role as a foundational document in legal and business dealings that unites the interests of multiple parties.

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Further usage examples of contract

1. The contract stipulated a 30-day notice period for termination.
2. The artist was bound by a non-disclosure agreement in her contract.
3. The dispute arose due to a misunderstanding of the contract terms.
4. The contract outlined the payment schedule for the services rendered.
5. The contract was legally binding and enforceable in a court of law.
6. They signed a contract to seal the business deal.
7. Her contract includes a non-compete clause.
8. The contract outlines the terms and conditions clearly.
9. Negotiating the contract terms took several weeks.
10. A breach of contract can result in legal consequences.
11. The contract stipulates a monthly payment schedule.
12. Their contract includes a confidentiality agreement.
13. The construction contract was awarded to a local firm.
14. The athlete signed a lucrative endorsement contract.
15. The contract dispute led to a lengthy court battle.
16. The employment contract offers competitive benefits.
17. The artist's contract guarantees creative control.
18. The contract specifies the project's completion date.
19. The contract requires regular performance evaluations.
20. He's reviewing the contract before finalizing the deal.
21. The rental contract includes a security deposit.
22. The contract allows for termination with notice.
23. The contract negotiations were intense but fair.
24. The contract outlines dispute resolution procedures.
25. The contract was drafted by experienced legal experts.