contracts
n. countablen. legal agreements between two or more people or companies. You sign these to make sure everyone follows the rules they agreed on.
n. formal, legally binding agreements between two or more parties. Usually plural in this sense; involves a mutual exchange of promises or obligations enforceable by law.
The players signed their new contracts today.
Before starting the project, both companies reviewed the contracts to ensure the payment terms were clear.
The legal team spent weeks drafting the employment contracts to ensure they complied with the latest labor regulations regarding remote work and intellectual property rights.
Often used with verbs like 'sign', 'draft', 'breach', or 'terminate'.
The two parts signed the contractThe two parties signed the contractIn legal contexts, the people or groups involved are called 'parties', not 'parts'.
- 01
exchange contracts
To formally contract to purchase, sell or otherwise be party to a disposition of an estate in land; usually requiring the payment of a deposit by one of the parties.
- 02
exchange of contracts
The point or stage at which a conveyancing contract comes into existence between negotiating parties for the carrying out of a disposition of an estate in land; usually requiring the payment of a deposit.