Contract - a binding agreement between two or more persons that is enforceable by law bidding , bid - (bridge) the number of tricks a bridge player is willing to contract to make 3. The definition of a contract is a legally binding, and enforceable by law, agreement made between two or more parties in cases of dispute when the parties are arguing whether a contract, or fundamentals of it, have been broken, it may be required to take the case before the courts. : a contract made binding by the observance of required formalities regardless of the giving of consideration specifically: a contract that is a contract under seal, a recognizance, a letter of credit, or a negotiable instrument — called also special contract, specialty.
A binding contract has the essential elements of a contract but requires capacity and legal purpose the essential elements of a contract are mutality of obligation (comprised of offer and acceptance), definite terms and consideration if these elements, or capacity and legal purpose are lacking, then the contract may not be binding.
Use 'binding contract' in a sentence the document i have placed in front of you will need to be thoroughly examined and signed by both parties before it can be considered a legally binding contract in a court of law. Definition of binding contract: an agreement in writing between two or more individuals or entities in which a court can impose penalties in the event one party attempts to negate on his or her promise as set forth in the signed.
A binding agreement is one that is enforceable under state or federal laws such an agreement is said to be “legally binding” under contract laws. We would like to show you a description here but the site won’t allow us.
Finally, a contract can be made of several different documents if it is intended that the documents be incorporated into one binding agreement a contract may be express, implied, or a mixture of the two. A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies contract law recognises and governs the rights and duties arising from agreements.
However, an agreement, even after an offer and acceptance, is not necessarily a legally binding contract for instance, one cannot contract for an illegal or impossible act in addition, in order to enter into a legally binding contract, you must have the capacity or legal ability to enter into that contract. The actual definition of a contract is a legal binding that indicates an agreement has been deliberately made, and certain actions are now either required or prohibited for example, a lease for an apartment is legally binding, because upon signin.