Contract
A legal document that states and explains a formal agreement between two different people or groups, or the agreement itself [Cambridge Dictionary].
A contract, in the simplest definition, is a promise enforceable by law. The promise may be to do something or to refrain from doing something. Making a contract requires the mutual consent of two or more persons, one of them ordinarily making an offer and another accepting. If one of the parties fails to keep the promise, the other is entitled to legal redress. The law of contracts considers such questions as whether a contract exists, its meaning, whether a contract has been broken, and what compensation is due to the injured party. In theory, contractual obligations should be concluded between parties of substantially equal awareness and bargaining power and for purposes fully approved by society. The law reflects this utopian idea in that it tends to conceive of a contract as an arrangement freely negotiated between two or more parties of relatively equal bargaining power. The manifestation of intention required to form a contract indicates genuine willingness, although it may simply represent acquiescence [Encyclopedia Britannica].
An agreement between two or more parties for the doing or not doing of something specified [Dictionary.com].
Contract. Dictionary.com. They were retrieved from: https://www.dictionary.com/browse/contract
Mehren, A. Taylor von. (2022). Contract. Encyclopedia Britannica. Retrieved from: https://www.britannica.com/topic/contract-law
Contract. Cambridge Dictionary. Retrieved from: https://dictionary.cambridge.org/dictionary/english/contract