What is a contract in general?

Question

i have to do interviews, and i need a good answer, with supporting ideas, if thats possible, it has to be more than just one word, description thanks a bunch, if u answer you rock :)

Answer 1

A contract is a written agreement between two parties. - That's my definition. I've watched a lot of People's Court in my time and that normally what Judge Marilyn Milian says. But here's Merriam-Webster dictionary's definition -

Main Entry: 1con·tract
Pronunciation: 'kän-"trakt
Function: noun
Etymology: Middle English, from Latin contractus, from contrahere to draw together, make a contract, reduce in size, from com- + trahere to draw
1 a : a binding agreement between two or more persons or parties; especially : one legally enforceable b : a business arrangement for the supply of goods or services at a fixed price c : the act of marriage or an agreement to marry
2 : a document describing the terms of a contract
3 : the final bid to win a specified number of tricks in bridge
4 : an order or arrangement for a hired assassin to kill someone

Answer 2

All the other answers make the incorrect guess that a contract is something written. It is not. The world is full of implicit contracts, oral contracts, and the like, and those are contracts just like the ones that are written out.

A contract is simply an agreement between people where each party (or person) in the contract commits to either: (1) do something they don't have to do otherwise, or (2) not do something they would otherwise be allowed to do. Whenever an offer of that sort gets accepted, there is a contract.

When problems arise, it helps a lot to be able to prove exactly what was agreed to, which is why most important contracts are written contracts. That's why most people think the thing written on paper is the contract. It's not. It's just evidence of the contract. The contract is the person-to-person agreement, not the paper that talks about it.

I'd recommend you get hold of a good legal dictionary, like Black's Law Dictionary, or check out a website like findlaw.com. Some of the key ideas you may want to look into are: offer, acceptance, consideration, formation of contract, enforceability of contract, performance of contract, quasi-contract, quantum meruit, excuse for non-performance, and breach of contract. If you get those down even a little, you'll be ready for your interviews -- and maybe for first-year law school. Good luck, and I hope that helps.

Answer 3

The simplest definition of a contract is a written agreement between two or more parties (either groups or individuals).
Basically Party A agrees to give Party B something if Party B agrees to give Party A something. If either one defaults on the contract (does not live up to the agreement), the other can usually sue for breach of contract.

Answer 4

ok.....a contract is an agreement between two parties that usually states all the facts of the agreement.......you usually hear of contracts in cases like NFL football players have contracts that state how much they will make if they follow the terms of the contract. The terms of a contract in that case are conduct and behavior and things like that because they are watched by so many people that they can actually lose their contract if they don't do things according to the law.

Answer 5

A contract is an agreement made between two or more parties establishing a relationship between the parties. It arises based on an offer made by one party and acceptance of said offer by the other party/parties. It can made orally or in writing and can also give rise to certain rights and obligations of one, both or all the parties. Examples include lease agreements made btw a landlord and a tenant, employment contrcat btw an employeer and his/her/its employee and so forth.