contract


contract
A legally binding agreement. Agreement arises as a result of an offer and acceptance, but a number of other requirements must be satisfied for an agreement to be legally binding:
• there must be a consideration (unless the contract is by deed);
• the parties must have an intention to create legal relations;
• the parties must have capacity to contract (i.e. they must be competent to enter a legal obligation, by not being a minor, mentally disordered, or drunk);
• the agreement must comply with any formal legal requirements;
• the agreement must be legal;
• the agreement must not be rendered void either by some common-law or statutory rule or by some inherent defect.
In general, no particular formality is required for the creation of a valid contract. It may be oral, written, partly oral and partly written, or even implied from conduct. However, certain contracts are valid only if made by deed (e.g. transfers of shares in statutory companies, transfers of shares in British ships, legal mortgages, certain types of lease) or in writing (e.g. hire-purchase agreements, bills of exchange, promissory notes, contracts for the sale of land made after 21 September 1989), and certain others, though valid, can only be enforced if evidenced in writing (e.g. guarantees, contracts for the sale of land made before 21 September 1989). See also service contract.
Certain contracts, though valid, may be liable to be set aside by one of the parties on such grounds as misrepresentation or the exercise of undue influence. See also breach of contract.

Accounting dictionary. 2014.

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  • 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