contract

contract: noun /'kɒntrækt/
1. a legal agreement between two parties

● to draw up a contract

● to draft a contract

● to sign a contract

♦ the contract is binding on both parties both parties signing the contract must do what is agreed

♦ under contract bound by the terms of a contract

● The firm is under contract to deliver the goods by November.

♦ to void a contract to make a contract invalid

2.

♦ by private contract by private legal agreement

3. an agreement for the supply of a service or goods

● to enter into a contract to supply spare parts

● to sign a contract for £10,000 worth of spare parts

♦ to put work out to contract to decide that work should be done by another company on a contract, rather than by employing members of staff to do it

♦ to award a contract to a company, to place a contract with a company to decide that a company shall have the contract to do work for you

♦ to tender for a contract to put forward an estimate of cost for work under contract

♦ the company is in breach of contract the company has failed to do what was agreed in the contract

4. (Stock Exchange) a deal to buy or sell shares, or an agreement to purchase options or futures

■ verb /kən'trækt/

to agree to do some work on the basis of a legally binding contract

● to contract to supply spare parts or to contract for the supply of spare parts

♦ the supply of spare parts was contracted out to Smith Ltd Smith Ltd was given the contract for supplying spare parts

♦ to contract out of an agreement to withdraw from an agreement with the written permission of the other party

COMMENT: A contract is an agreement between two or more parties which creates legal obligations between them. Some contracts are made ‘under seal’, i.e. they are signed and sealed by the parties; most contracts are made orally or in writing. The essential elements of a contract are: (a) that an offer made by one party should be accepted by the other; (b) consideration (i.e. payment of money); (c) the intention to create legal relations. The terms of a contract may be express or implied. A breach of contract by one party entitles the other party to sue for damages or to ask for something to be done.

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Synonyms:

Lessen, shorten, narrow, diminish, abridge, reduce, epitomize, draw together, Shrivel, shrink, shrink up, draw in / Incur, make, get, take, catch, absorb take in, Agree, stipulate, bargain, covenant, make a bargain, Compact, bargain, stipulation, covenant, convention, concordat, treaty, agreement, pact, arrangement

Look at other dictionaries:

contract — con·tract 1 / kän ˌtrakt/ n [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to… … Law dictionary
Contract — • The canonical and moralist doctrine on this subject is a development of that contained in the Roman civil law. In civil law, a contract is defined as the union of several persons in a coincident expression of will by which their legal relations … Catholic encyclopedia
CONTRACT — (Heb. חוֹזֶה, ḥozeh), in general law theory a legally binding agreement between two or more parties, in terms of which one party undertakes for the benefit of the other to perform or refrain from a certain act. As such, contract is the main… … Encyclopedia of Judaism
contract — CONTRACT. s. m. Paction, convention, traitté entre deux, ou plusieurs personnes portant obligation des contractants l un. envers l autre. Contract de bonne foy. contract civil. contract verbal, ou par parole. Contract par escrit. contract de… … Dictionnaire de l'Académie française
contract — CONTRÁCT, contracte, s.n. Acord încheiat, ca urmare a înţelegerii intervenite între două sau mai multe persoane (fizice sau juridice), pentru crearea, modificarea sau stingerea (stinge) unor drepturi şi obligaţii în relaţiile dintre ele; act,… … Dicționar Român
contract — [kän′trakt΄] for n. & usually for vt.1 & vi.1 [; kən trakt′] for v. generally n. [OFr < L contractus, pp. of contrahere, to draw together, make a bargain < com , together + trahere, to DRAW] 1. an agreement between two or more people to do… … English World dictionary
Contract — Con*tract (k[o^]n*tr[a^]kt ), v. t. [imp. & p. p. {Contracted}; p. pr. & vb. n. {Contracting}.] [L. contractus, p. p. of contrahere to contract; con + trahere to draw: cf. F. contracter. See {Trace}, and cf. {Contract}, n.] 1. To draw together or … The Collaborative International Dictionary of English
Contract J.A.C.K. — Contract J.A.C.K. Developer(s) Monolith Productions Publisher(s) … Wikipedia
contract — n Contract, bargain, compact, pact, treaty, entente, convention, cartel, concordat designate an agreement reached after negotiation and ending in an exchange of promises between the parties concerned. Contract applies especially to a formal… … New Dictionary of Synonyms
Contract J.A.C.K. — Contract J.A.C.K. Éditeur Sierra Entertainment Développeur Monolith Productions Date de sortie 11 novembre 2003 Genre FPS Mode de jeu Un joueur … Wikipédia en Français
contract — Contract, Pactum, Contractus. Contracts et conventions redigées par escrit, Perscriptitiones, Syngraphae. Quand un tiers escrit un contract et obligation que deux autres sont ensemble, Syngraphum conscribere. Faire contracts et paction de quelque … Thresor de la langue françoyse

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contract

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Dictionary of banking and finance

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