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English definition of “contract”

contract

verb
 
 
/kənˈtrækt/
[I] ECONOMICS if a market or economy contracts, less money is being earned, spent, or invested in it: contract by 3%/5%, etc. The country’s economy contracted by 2% in the first quarter.
[I or T] LAW to make a legal agreement with another person or company, for example, to do work for them or to use their services: be contracted to do sth A local architecture firm was contracted to design and plan the new symphony hall.
(Definition of contract verb from the Cambridge Business English Dictionary © Cambridge University Press)
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