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contract |
Also found in: Medical, Legal, Encyclopedia, Wikipedia, Hutchinson | 0.07 sec. |
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Contract A term of reference describing a unit of trading for a financial or commodity future. Also, the actual bilateral agreement between the buyer and seller of a transaction as defined by an exchange.
Contract 1. A legal agreement between two parties in which each agrees to do, make, buy, or sell a good or service, or in which one party grants a right or undertakes an obligation, often in exchange for a fee. See also: Option contract, Futures contract. 2. Informal for a unit of trade in options and futures. contract A legally enforceable agreement. Its requirements are • Competent parties As a general rule, oral contracts are enforceable unless they relate to real estate or are incapable of performance within one year, guarantee the debts of another, or are evidenced by some writing signed by the person sought to be charged (“This is to confirm our agreement…”) There are other exceptions, but they are not relevant here. It is often difficult to enforce oral contracts because the parties usually have differing recollections of the exact terms of the agreement. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Hollywood commercial stylist Katie Meehan said Oscar fashion relationships fall into two categories: those that are part of a paid, contractual agreement, and those that are the result of a designer sending an actress an outfit in hopes the actress will choose it for the big night. Villa's hiring was approved unanimously by the five-member board, although no contractual agreement has been reached, board President Peggy Foster said. Working it out requires Joel to put his plan on the table so we can see whether or not it fits with our contractual agreement and with state law," Levy says. |
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