...which would be easy for a layperson to understand?
- preferably in the public domain.
- I don't like the wikipedia definition.
2006-10-06 00:57:42 · 6 answers · asked by London Aussie 3 in Politics & Government ➔ Law & Ethics
" A contract is a legally enforceable agreement between two or more persons (individuals, businesses, organizations or government agencies) to do, or to refrain from doing, a particular thing in exchange for something of value. Contracts generally can be written, using formal or informal terms, or entirely verbal. If one side fails to live up to his/her/its part of the bargain, there's a "breach" and certain remedies for solving the differences are available. The terms of the contract - the who, what, where, when, and how of the agreement - define the binding promises of each party to the contract.". It is important as to who is eligible to contract, what is a 'consideration' and what is the time frame for a contract ('time is the essence of a contract). All such nuisances need to be studied.
2006-10-06 01:11:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
CONTRACT - An agreement between two or more competent parties in which an offer is made and accepted, and each party benefits. The agreement can be formal, informal, written, oral or just plain understood. Some contracts are required to be in writing in order to be enforced. (2) An agreement between two or more parties which creates obligations to do or not do the specific things that are the subject of that agreement. Examples of a contract are a lease, a promissory note, or a rental agreement.
2006-10-06 08:02:15 · answer #2 · answered by having_a_blonde_day_lol 4 · 0⤊ 0⤋
A legally binding document or agreement that states an arrangement to be made between two or more people?
2006-10-06 08:01:25 · answer #3 · answered by Anonymous · 1⤊ 0⤋
an offer and and an acceptance. you offer to pay AOL to provide Internet service. that's a contract!!!!
2006-10-06 11:56:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
library of congress has some best law info out there
2006-10-06 08:31:33 · answer #5 · answered by allen s 2 · 0⤊ 0⤋
an agreement between two or more parties
2006-10-06 08:00:59 · answer #6 · answered by Dr Dee 7 · 0⤊ 0⤋