Contract

1. Law - noun.

A contract is a legally binding agreement between two parties.

Essential elements of an enforceable contract under English law include offer and acceptance, consideration, and legal capacity to contract (together with other legal requirements).

The fundamentals of contract law are similar throughout the countries of Europe, the US and many other jurisdictions.

However, each jurisdiction has its own individual contract law and, although these may be similar in many respects, they can also be significantly different in essential elements, for example in relation to the requirement for consideration.

2. Law - verb.

To form or create a contract.

3. Size or number - verb.

To become smaller, or fewer.

See also

• Arbitration clause
• Assignment
• Boilerplate
• Breach of contract
• Capacity
• Carve-out
• Condition
• Consensus in idem
• Consideration
• Contra proferentem
• Contract for differences
• Contract hire
• Contract purchase
• Contracting
• Contractor
• Counter-offer
• Currency contract
• Currency forward contract
• Deal
• Discharge of contract
• Documentation
• Eiusdem generis
• Engagement letter
• Exemption clause
• Express term
• Fit for purpose
• Force majeure
• Foreign exchange forward contract
• Forward contract
• Forward forward contract
• Freight
• Frustration
• Futures contract
• IFRS 4
• Implied term
• Indemnity clause
• Insurance
• Invitation to treat
• Jurisdiction
• Law
• Lease
• Legislation
• Liquidated damages
• Loan agreement
• Long term contracts
• Memorandum of understanding
• Minor
• Misrepresentation
• My word is my bond
• Negligence
• Open contract netting
• Open interest
• Performance
• Performance risk
• Privity of contract
• Regime
• Regulation
• Repudiation
• Replacement contract netting
• Restrictive covenant
• Service agreement
• Smart contract
• Sweetheart deal
• Tax
• Tender to contract cover
• Tort
• Trade
• Void contract
• Voidable contract
• Warranty
• Zero hours contract