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Dictionary Meaning and Definition on 'Contract'

Contract Meaning and Definition from WordNet (r) 2.0
    contract n
  1. a binding agreement between two or more persons that is enforceable by law
  2. (contract bridge) the highest bid becomes the contract setting the number of tricks that the bidder must make [syn: declaration]
  3. a variety of bridge in which the bidder receives points toward game only for the number of tricks he bid [syn: contract bridge}] v
  4. enter into a contractual arrangement [syn: undertake]
  5. engage by written agreement; "They signed two new pitchers for the next season" [syn: sign, sign on, sign up]
  6. squeeze or press together; "she compressed her lips"; "the spasm contracted the muscle" [syn: compress, constrict, squeeze, compact, press]
  7. become smaller or draw together; "The fabric shrank"; "The balloon shrank" [syn: shrink] [ant: expand, stretch]
  8. be stricken by an illness, fall victim to an illness; "He got AIDS"; "She came down with pneumonia"; "She took a chill" [syn: take, get]
  9. make smaller; "The heat contracted the woollen garment"
  10. compress or concentrate; "Congress condensed the three-year plan into a six-month plan" [syn: condense, concentrate]
  11. make or become more narrow or restricted; "The selection was narrowed"; "The road narrowed" [syn: narrow] [ant: widen]
  12. reduce in scope while retaining essential elements; "The manuscript must be shortened" [syn: abridge, foreshorten, abbreviate, shorten, cut, reduce] [ant: elaborate]
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Wikipedia Meaning and Definition on 'Contract'

A contract is a legally enforceable agreement between two or more parties with mutual obligations. The remedy at law for breach of contract is "damages" or monetary compensation. In equity, the remedy can be specific performance of the contract or an injunction. Both remedies award the damaged party the "benefit of the bargain" or expectation damages, which are greater than mere reliance damages, as in promissory estoppel.

Contract law is based on the principle expressed in the Latin phrase pacta sunt servanda, which is usually translated "agreements to be kept" but more literally means "pacts must be kept".

Contract law can be classified, as is habitual in civil law systems, as part of a general law of obligations, along with tort, unjust enrichment, and restitution.

As a means of economic ordering, contract relies on the notion of consensual exchange and has been extensively discussed in broader economic, sociological, and anthropological terms (see "Contractual theory" below). In American English, the term extends beyond the legal meaning to encompass a broader category of agreements.

[See more about Contract at Dictionary 3.0 Encyclopedia]

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'Contract' in famous quotation sentence

* Hollywood is a place where they place you under contract instead of under observation. - Walter Winchell

* Justice is a contract of expediency, entered upon to prevent men harming or being harmed. - Epicurus

* Marriage is like signing a 356-page contract without knowing what's in it. - Kenneth Hartley Blanchard

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Contract Sample Sentences in News

  • Lucrative Grand Canyon contract up for bid again
    FLAGSTAFF, Ariz. (AP) — A lucrative contract to operate some of the most iconic lodging and food locations at the Grand Canyon has been reopened for bidding in a process that will bring changes affecting the millions of people who visit the landmark each year. Read more on this news related to 'Contract'
  • SAIC Procures 5-Year Base Period OASIS Contract from GSA
    Science Applications International Corporation (SAIC) recently received the One Acquisition Solution for Integrated Services (OASIS) contract for an undisclosed amount. Read more on this news related to 'Contract'
  • KBR Wins EPC Contract from Gemini HDPE for Texas Facility
    KBR, Inc. (KBR) recently received an engineering, procurement and construction (EPC) contract from Gemini HDPE LLC for its forthcoming high-density polyethylene (HDPE) facility. Read more on this news related to 'Contract'

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