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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]

Words and phrases related to 'Contract'

'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

  • IronPlanet Awarded Contract for U.S. Department of Defense Rolling Stock Surplus Contract
    IronPlanet®, the leading online marketplace for buying and selling used heavy equipment and trucks, today announced that it was awarded the U.S. Defense Logistics Agency contract to manage and sell rolling stock surplus assets of the U.S. Read more on this news related to 'Contract'
  • Independence Contract Drilling, Inc. Launches Initial Public Offering
    HOUSTON, July 28, 2014 /PRNewswire/ -- Independence Contract Drilling, Inc. (NYSE: ICD), has launched its initial public offering of 10,000,000 shares of common stock. The shares are expected to trade ... Read more on this news related to 'Contract'
  • Lions postpone talks with Suh until after season
    The Detroit Lions are postponing contract talks with All-Pro defensive tackle Ndamukong Suh until after the season. Suh is entering the final season of his contract, and team president Tom Lewand and general manager Martin Mayhew said before practice Monday that negotiations are being tabled. If the two sides can't reach a deal after the season, the Lions coul Read more on this news related to 'Contract'

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