Contract

A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement.

Elements of contract law

Each contractual party must be a "competent person" having legal capacity. The parties may be natural persons ("individuals") or juristic persons ("corporations"). An agreement is formed when an "offer" is accepted. The parties must have an intention to be legally bound; and to be valid, the agreement must have both proper "form" and a lawful object. In England (and in jurisdictions using English contract principles), the parties must also exchange "consideration" to create a "mutuality of obligation," as in Simpkins v Pays.

A contract is often evidenced in writing or by deed, but a valid contract may (with some exceptions) be made orally or even by conduct. Remedies for breach of contract include "damages" (monetary compensation for loss) and, for serious breaches only, "repudiation" (i.e. cancellation). The equitable remedy of specific performance, enforceable through an injunction, may be available if damages are insufficient.

Latest News for: Business contract

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Diagnostic Contract Manufacturing Market Latest Survey Report 2024

GetNews 13 May 2024
Specialized companies engage in diagnostic contract manufacturing when they produce diagnostic products, components, or assays in accordance with the specifications of other businesses ... Businesses can avoid spending a ton of money on infrastructure upgrades by partnering with ......
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Contract Furniture and Furnishing Market to reach USD 5.50 Bn at a CAGR of 4.34 ...

GetNews 13 May 2024
From office chairs to hospital beds, the contract furniture industry caters specifically to businesses and institutions ... The journey for versatile work areas is a crucial power molding the direction of the Contract Furniture and Furnishing Market, driving organizations to ......
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Contracts of adhesion

The Philadelphia Inquirer 13 May 2024
Contracts play an integral role in our daily lives, extending beyond the ......
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Bid to unionize at Apple store in Short Hills Mall fails. Here's why, according to CWA

northjersey.com 13 May 2024
"Only through a strong union contract can workers establish real respect and democracy on the job.” ... Other businesses have been accused of conducting illegal anti-union behaviors, including Starbucks and the cleaning company contracted by the American Dream mall in East Rutherford....
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Cadeler continues foray into Polish offshore wind sector

Splash24/7 13 May 2024
Earlier this year, another contract was secured from Ørsted and PGE (Polska Grupa Energetyczna) for the Baltica 2 offshore wind farm project. Mikkel Gleerup, CEO of Cadeler, said the Polish market offers great business potential for the company and also makes its first contract with Equinor and Polenergia....
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Innovation is transforming government. Now it’s time to update tech procurement

Federal News Radio 13 May 2024
The FIT Procurement Act aims to ensure access to federal contracting opportunities for businesses of all sizes, including new entrants to the federal marketplace ... OFPP expands small business ‘rule of two’ to multiple award contracts....
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Brazil's Petrobras to offer price reduction mechanism for natgas distributors

Natural Gas World 13 May 2024
In a statement released on its website, the oil giant said it will offer a "price reduction mechanism" for current natural gas contracts, according to their performance ... a leader in the global energy business....
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Remittances from Saudi top $3.2 billion in March

GDN Online 13 May 2024
The launching of new development projects in the kingdom has led to an increase in the expatriate population, as they actively contribute to the growth of business activities ... These entities are driven by the prospect of securing lucrative government contracts ... of doing business....
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Intel hires industry veteran Kevin O'Buckley to head Foundry Services

Yahoo Daily News 13 May 2024
For decades, Intel made chips only for itself but over the past few years has poured billions into its foundry business ......
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New banking rules would hurt Ohio farmers, manufacturers

Wilmington News Journal 13 May 2024
Businesses across Ohio need to be able to continue to grow by accessing affordable financing to drive innovation, hiring and investment in new equipment ... banks’ ability to serve businesses vital to many local economies like Ohio’s ... These contracts help ensure the stability of a farmer’s business....
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May 9, 2024

The Birmingham Times 13 May 2024
... law of the state to its own business entities whose principal place of business are in that state in the letting of any or all public contracts ... List jurisdictions and trade categories in which the prospective bidding or sub-contracting firm is legally qualified to do business....
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ADNOC Drilling delivers record Q1 revenue, secures $1.7b new contract

Gulf Today 13 May 2024
Meanwhile ADNOC Drilling Company has been awarded, by ADNOC, a $1.7 billion contract to provide drilling and associated services for the recovery of unconventional energy resources. The contract will see Turnwell deliver 144 unconventional oil and gas wells ... The contract will see ADNOC Drilling deliver 144 unconventional oil and gas wells....
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