What is contract

Question

What is contract

Accepted Answer

A contract is a legally binding agreement between two or more parties that outlines the terms and conditions of their relationship.

A contract can be written or verbal.
It typically includes details such as the parties involved, the scope of work or obligations, the duration of the agreement, and any penalties or remedies for non-compliance.
Contracts are used in various industries and sectors, including business, employment, real estate, and procurement.
For example, a company may enter into a contract with a supplier to purchase goods or services at a specified price and quantity.
Contracts provide legal protection and ensure that all parties involved understand their rights and responsibilities.

Accepted Answer

Contract is a agreement between the vendor and ordering party for supply goods and providing facilities to ordering party in over period of time

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