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TeachMeFinance.com - explain contract
contract -- a binding agreement between two or more persons or entities, such as companies or institutions, by which rights to specific goods, services or actions are acquired by the parties to the contract.
historic definition...
Contract -- A formal agreement between two or more parties
; also the writing setting forth and evidencing an agreement
and signed by the parties to it is a contract.
It is an accepted rule of law that a contract should be interpreted
in accordance with the intention of the parties thereto ;
and the usage or custom of any particular trade, occupation,
business or place when, it is reasonable, uniform, well settled
and not in opposition to fixed rules of law or in contravention
of the express terms of a contract is deemed to form a
part of the contract and to enter into the intention of the
parties.
About the author
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Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".
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Copyright © 2005 by Mark McCracken, All Rights Reserved.
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