Legal definition of contract
Contract Drafting, Review & Negotiation Legal Terminology


\ ˈkɒn.trækt \ A contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.

The existence of a contract requires finding the following factual elements: a) an offer; b) an acceptance of that offer which results in a meeting of the minds; c) a valuable consideration (which can be a promise or payment in some form).
Source: Utah Code / Constitution. website
A contract is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation, which may have elements in writing, though contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific performance of the contract or an injunction. Both of these remedies award the party at loss the "benefit of the bargain" or expectation damages, which are greater than mere reliance damages, as in promissory estoppel. The parties may be natural persons or juristic persons.
A contract is a legally enforceable promise or undertaking that something will or will not occur. The word promise can be used as a legal synonym for contract., although care is required as a promise may not have the full standing of a contract, as when it is an agreement without consideration.
Source: Wikipedia - The Free Encyclopedia. website. license
Find a legal term by clicking on the first letter of a legal word or phrase:
Book of the Day in our Store
Share it on TwitterFacebook
Principles of Remedies Law (Concise Hornbook Series)Principles of Remedies Law (Concise Hornbook Series)
by Russell Weaver, Elaine Shoben, Michael Kelly
  • Price: $50.00
Simple Rules for a Complex WorldSimple Rules for a Complex World
by Richard A. Epstein
  • List Price: $39.50
  • Price: $30.33
  • You Save: $9.17 (23%)
from $1.77
Jennifer E WheelockAttorney at LawPRACTICE AREA: Insurance Litigation, Litigation
John M CollinsAttorney at LawPRACTICE AREA: Personal Injury, Labor & Employment Law, Insurance Litigation, Litigation
Frederick J HahnAttorney at LawPRACTICE AREA: Contracts, Business Law, Litigation
NFL.comSkinny: Allen was a starter from Day One for the Colts, and he earned a second contract with his drafting team, signing a four-year deal last year. He's done a good chunk of his damage in the red zone, as 15 percent of his catches are for touchdowns. more »
CBSSports.comThe Falcons moved on by drafting Matt Ryan in 2008. Meanwhile, Vick went on to play for the Eagles, Jets, and Steelers and found work as a backup quarterback in recent seasons. Earlier this month, Vick was in the news because he's reportedly expected ... more »
Canis HoopusHave we developed something that resembles need-based tunnel vision when it comes to Jonathan Issac? more »
It's a free online legal dictionary search engine for definitions of legal terminology and legal words, legal abbreviations, and legal jargon you may meet when reading legal acts, law books, documents, legal forms and other legal content