Contract

An agreement between two or more persons that creates an obligation to do or not to do a particular thing.

Source: U.S. Courts

(1) A term of reference describing a unit of trading for a commodity future or option; (2) an agreement to buy or sell a specified commodity, detailing the amount and grade of the product and the date on which the contract will mature and become deliverable.

Source: Commodity Futures Trading Commission

A legally binding agreement between two or more persons/organizations to carry out reciprocal obligations or value.

Source: U.S. Maritime Administration.

(1) An agreement between two or more people to do or not to do a particular thing;

(2) an agreement between two or more people that makes, changes, or ends a legal relationship.

Source: California Courts.

Last reviewed October 2021

Today on Verdict

What Does it Mean for Other Institutions to “Defy” or “Check” the Supreme Court? Not What the Court Invites Those Institutions to Do

Illinois Law dean Vikram David Amar and professor Jason Mazzone respond to a recent column by New York Times columnist David Leonhardt, arguing that neither of the recent high-profile developments after the Dobbs v. Jackson Women’s Health Organization decision is an example of “defying” the Court or “checking” judicial power.