Define term contract?
Understand the Problem
The question is asking for the definition of a 'term contract', which typically defines a contract with a specific period of validity. We will provide a clear explanation of what a term contract is, including its characteristics.
Answer
A contract is an agreement creating legally enforceable obligations between parties.
A contract is an agreement between two or more parties, creating mutual obligations that are enforceable by law.
Answer for screen readers
A contract is an agreement between two or more parties, creating mutual obligations that are enforceable by law.
More Information
Contracts are used in various aspects of life, including employment, business, and personal agreements, to define the terms of exchange and ensure legal compliance.
Tips
A common mistake is not ensuring the terms are mutually agreed upon and clearly defined, leading to disputes.
Sources
- What Defines a Contract? | University of Texas at San Antonio - UTSA - utsa.edu
- Contract Definition & Meaning - Merriam-Webster - merriam-webster.com
- contract | Wex | US Law | LII / Legal Information Institute - law.cornell.edu
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