Contract

Definition

A Contract is a voluntary, deliberate agreement between two or more competent parties to which those parties agree to be legally bound, and to which the parties must have provided valuable consideration.

Contracts are usually written but may be spoken or implied, and generally have to do with employment, sale or lease, or tenancy.

Context

• In the EProcurement Ontology this includes concession contracts.

See Also

• http://www.businessdictionary.com/definition/contract.html