Updated. February 18, 2024 9:22:37
Contract Definition & Meaning (Word History, Phrases Containing, Synonyms, Antonyms, Types, Example Sentences). What is A Contract in English, Hindi, Urdu? fendiharis.com – ( Date. July 20, 2023 14:11:01 )
Definition
Definition of Contract:
A contract is a legally binding agreement between two or more parties that outlines the rights and obligations of each party involved. It creates an enforceable promise between the parties and typically involves the exchange of goods, services, money, or other considerations. Contracts are essential in business and personal transactions as they provide a framework for parties to understand their roles and responsibilities and to resolve disputes in case of a breach.
Word History
Word History of Contract:
The term “contract” originated from the Latin word “contractus,” which is the past participle of “contrahere,” meaning “to draw together” or “to bring together.” In ancient Roman law, a contract was viewed as an act of drawing parties together by mutual consent.
Meaning in English
Contract Meaning in English:
In English, “contract” refers to a formal and legally binding agreement between two or more parties, outlining the terms and conditions of their relationship or transaction.
Meaning in Hindi
Contract Meaning in Hindi:
In Hindi, “contract” can be translated as “समझौता” (samjhauta) or “अनुबंध” (anubandh).
Meaning in Urdu
Contract Meaning in Urdu:
In Urdu, “contract” can be translated as “معاہدہ” (mu’ahida) or “عہد” (ahd).
Interpretations
Interpretations of contracts can vary depending on the specific terms and language used within the document. Courts and legal systems aim to enforce contracts as the parties have agreed, and they often follow certain principles:
Plain Meaning Rule: The contract is interpreted based on the ordinary meaning of its language.
Intent of the Parties: The court seeks to understand and uphold the intentions of the parties involved.
Custom and Usage: Local customs and industry practices may be considered in interpreting the contract.
Ambiguities: Any ambiguities in the contract are interpreted against the party who drafted the document.
Performance: The conduct of the parties during the performance of the contract can be relevant in interpretation.
Contract Types
Types of Contract – There are various types of contracts, some of which include:
- Unilateral Contract: One party makes a promise, and the other party performs an action as acceptance (e.g., reward offers).
- Bilateral Contract: Both parties exchange promises to perform specific actions (e.g., buying and selling goods).
- Express Contract: The terms are explicitly stated, either orally or in writing.
- Implied Contract: The terms are not explicitly stated but are implied by the actions or conduct of the parties.
- Void Contract: A contract that is not legally enforceable from the beginning.
- Voidable Contract: A contract that can be legally voided by one or more parties.
- Executed Contract: A contract where both parties have fulfilled their obligations.
- Executory Contract: A contract where one or more parties have yet to fulfill their obligations.
Phrases
Here are 10 common phrases that might appear in a contract:
- “Party of the First Part”.
- “Party of the Second Part”.
- “Force Majeure”.
- “Indemnification”.
- “Confidentiality Agreement”.
- “Governing Law”.
- “Amendment and Modification”.
- “Severability”…
- “Entire Agreement”.
- “Waiver”.
Example Sentences
Example Sentences of Contract:
- They signed a contract to purchase the property.
- The company hired a lawyer to review the employment contract.
- The construction project was completed on time as per the contract.
- She breached the contract by failing to deliver the goods as agreed.
- Both parties negotiated the terms of the contract before signing.
- The artist entered into a licensing contract for their artwork.
- The contract stipulates a penalty for late payments.
- The court ruled in favor of the plaintiff, upholding the contract’s validity.
- The terms of the contract were explained to the parties involved.
- The contract includes a non-disclosure clause to protect sensitive information.
Similar words (Synonyms)
Similar words of Contract:
Some similar words to “contract” include: agreement, deal, arrangement, pact, understanding, and covenant.
Opposite words (Antonyms)
Opposite words of Contract:
Some opposite words to “contract” include: expand, enlarge, extend, grow, and increase.
Summary
What is A Contract?
A contract is a legally binding agreement between two or more parties, defining the rights and obligations of each party involved in a transaction. It establishes the terms and conditions for the exchange of goods, services, money, or other considerations. Contracts are essential for ensuring that parties fulfill their promises and can provide a legal framework for resolving disputes if any arise during the course of the agreement.
