Contract for Dummies

Question

Contract for Dummies

verb

pronunciation: Array

What does Contract really mean?

75 1

Revised and Fact checked by James Lee on 2023-10-28 07:24:09

Detailed info

Contract In a sentece

Learn how to use Contract inside a sentece

When you go to the store and buy candy, you usually give money to the cashier and they give you the candy. That transaction is like a contract between you and the store.
Imagine you want to borrow your friend's toy for a week, so you both agree that you will return it after a week. This agreement between you and your friend is a contract.
If you hire someone to clean your room every week and you agree to pay them a certain amount of money each time, you might write down the agreement on a piece of paper. That piece of paper is called a contract.
When two companies want to work together, they might sign a contract that states what they will do for each other and how much money they will exchange.
Before starting a job, you may need to sign a contract with your employer which explains your duties, working hours, and how much you will get paid.

Word Category

Contract Synonyms

Words that can be interchanged for the original word in the same context.

abbreviate abridge compact compress concentrate condense constrict contract bridge cut declaration foreshorten get narrow press reduce shorten shrink sign sign on sign up squeeze take undertake

Contract Antonyms

Words that have the opposite context of the original word.

expand expand

Contract Hypernyms

Words that are more generic than the original word.

alter assure bid bidding bridge change change come down decrease decrease diminish employ engage fall hire lessen lessen minify modify promise reduce shrink sicken tighten written agreement

Contract Hyponyms

Words that are more specific than the original word.

acquisition agreement adhesion contract aleatory contract articles of agreement astringe bear down bilateral contract bottleneck bowdlerise bowdlerize castrate catch charter charter choke collective agreement concentrate concession condense condition conditional contract contract of adhesion contract of hazard contract out contract under seal convulse cost-plus contract digest distribution agreement employment agreement employment contract expurgate flex fret gag gambling contract grant hire indenture insurance insurance policy labor agreement labor contract lease lease licensing agreement marriage contract marriage settlement merger agreement no-trump output contract overbear partnership policy prim purchase agreement purchase contract purse qualify quasi contract rent requirements contract sale in gross scrag sealed instrument service contract severable contract shipping articles shorten sign special contract specify stipulate strangle strangulate subcontract taper off wrinkle

Contract Holonyms

The larger whole to which this word belongs.

bridge

Contract Meronyms

Words that are part of the original word.

arbitration clause boilerplate fine print reserve clause small print

Contract Has Categories

Categories of the original word.

article broken clause declaration handclasp handshake handshaking kept loophole renegociate renegotiate shake subscribed terminated unbroken unkept

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score 75 · Accepted Answer

Contract:

Hey there! So, you're wondering what the word "contract" means, right? Well, let me explain it to you in a way that's easy to understand. Imagine you have a piece of paper, and on that paper, you write down an agreement between two people. This agreement states that both parties have agreed to do something or provide something in exchange for something else. That piece of paper is what we call a contract!

A contract is kind of like a promise between two or more people. It's a legal agreement that outlines the terms and conditions of a deal or arrangement. It can be written or oral, but it's usually better to have it in writing so that everyone is on the same page and there's no confusion later on.

Now, let's break it down a bit further. A contract has a few important components. First, it needs to clearly state who the parties involved are. This means that it should identify the people or organizations that are making the agreement. It's like a friend asking you if you want to trade your favorite toy for their favorite toy – you both need to agree and understand who is involved in this toy swapping deal!

Next, a contract should include the terms and conditions of the agreement. These are like the rules or guidelines that both parties need to follow. For example, if you're borrowing your friend's toy for a week, the contract might say that you need to take good care of it and return it in the same condition. These terms and conditions can be really specific, so that everyone knows exactly what is expected.

Sometimes, if there's a disagreement or misunderstanding, a contract might also outline what will happen in those situations. This is called a breach of contract. It's like when someone doesn't keep their promise. For instance, if your friend doesn't return your toy on time, the contract could state that they have to give you one of their toys as compensation.

Now, contracts aren't just for toys and friends, they're used in many different situations. People use contracts when buying or selling things, like a house or a car. They use contracts when hiring someone for a job, so both the employer and employee know what's expected. Contracts can even be used in sports, to make sure that teams and players follow the rules of the game.

So, to sum it up, a contract is like a written agreement between two or more people. It outlines the terms and conditions of a deal or arrangement, and helps make sure everyone knows what they are supposed to do. It's kind of like a set of rules that everyone agrees to follow. Contracts can be used in a variety of situations, from borrowing toys to buying houses.