Contract

From Open Risk Manual

Definition

Contract. 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.

See Also


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This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.

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URI of an entity that is defined via an imported vocabulary.
https://spec.edmcouncil.org/fibo/ontology/FND/Agreements/Contracts/index-en.html +