contract
to shorten, decrease in size, or draw together; an agreement between two or more persons
A contract is a legally binding agreement between two or more parties that outlines specific terms, conditions, and obligations. Contracts can be either verbal or written, although written agreements are preferred as they offer more clarity and protection in case of a dispute.
A contract typically includes information such as the names and addresses of the parties involved, the purpose of the agreement, the specific obligations and responsibilities of each party, and any relevant dates and deadlines. It may also include information on the payment terms, penalties for breach of contract, and any other relevant terms and conditions.
There are different types of contracts, depending on the nature and purpose of the agreement. Some common types of contracts include employment contracts, service contracts, sales contracts, lease agreements, and partnership agreements.
When entering into a contract, it is important to carefully review all terms and conditions and seek legal advice if necessary. Both parties should understand their obligations and responsibilities under the contract to ensure a successful outcome.
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