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English definition of “contract”

contract

noun [C]     /ˈkɒntrækt/
LAW a formal agreement between two people or companies, or a legal document that explains the details of this agreement: contract for sth The contract for the new drilling platform went to a Dutch company.contract to do sth He recently landed a contract to write a book about his expedition.contract with sb State agencies spent about $319 million on contracts with private vendors last year.contract between sb and sb It is a standard contract between a home seller and their agent. An independent contractor is legally responsible for job completion and, on quitting, becomes liable for breach of contract. draw up/write up a contract enter into/sign a contract be awarded/win/land a contract a long-term/short-term contract
FINANCE, STOCK MARKET a formal agreement relating to buying or selling a stock, currency, commodity, etc. for a particular price at a particular time: An option differs from a futures contract, in which both parties make a binding agreement to buy or sell currency at some point in the future.
be under contract LAW to have made a formal agreement with another person or company, and be legally responsible for doing what you have agreed to do: We're under contract to complete the job by the end of the year. PROPERTY if a building or property is under contract, the owner has officially agreed to sell it to a particular person for a particular price: Two of the site's 8000 sq ft commercial lofts are currently under contract.
(Definition of contract noun from the Cambridge Business English Dictionary © Cambridge University Press)
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