What is a Contract?

 

A contract is a legally binding agreement between two or more parties – people or organisations. In simple terms, a contract is an agreement to provide goods or services, exchange assets, or provide labour or expertise, under a specified set of terms and within the law of a specified jurisdiction. These terms will typically relate to price/cost, quality and timeframe but there can be many more complex and inter-related terms stipulated within a contract, including what happens when one of the parties breaches the terms of the contract. Many but not all contracts are in written form.

 

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