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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