The spelling of the word "contract" can be confusing due to its two different pronunciations. In American English, it is pronounced as "kənˈtrækt" with the stress on the first syllable. Meanwhile, in British English, it is pronounced as "ˈkɒntrækt" with the stress on the second syllable. Both pronunciations have the same spelling, which can cause difficulty in written communication. It is important to note the context of the word to avoid confusion in both its spelling and pronunciation.
A contract is a legal agreement between two or more parties that creates enforceable obligations and rights. It is a written or oral agreement that sets out the terms and conditions agreed upon by the parties involved. Contracts are crucial in ensuring business transactions, employment relationships, and various other interactions are carried out smoothly and efficiently.
Typically, a contract includes essential elements such as an offer by one party, acceptance of that offer by the other party, a mutual intention to create legal relations, consideration (something of value exchanged between the parties), legal capacity to enter into the contract, and lawful objectives. The terms of a contract outline the rights, duties, and obligations of each party, including the agreed-upon price, delivery timeline, quality standards, and any other relevant provisions.
Contracts can vary in complexity and can involve different types of agreements, such as sales contracts, service contracts, employment contracts, and lease agreements. They are governed by contract law, which establishes the rules and principles that ensure the validity, enforceability, and interpretation of contracts.
The main purpose of a contract is to provide a legally binding framework that protects the interests of the parties involved and minimizes the risk of disputes. In case of breach of contract, the injured party may seek legal remedies or damages for the loss suffered due to the other party's failure to fulfill their obligations as specified in the contract.
To shorten; to become reduced in size.
A practical medical dictionary. By Stedman, Thomas Lathrop. Published 1920.
• An agreement; a mutual promise; a bargain; the writing which contains the terms and conditions of the agreement between two or more persons; an act of betrothment.
• To draw closer together; to draw into a less compass or bulk; to abridge; to wrinkle, as the brow; to betroth; to acquire, as a habit; to incur, as a debt; to bring on, as a disease; to bargain; to shrink or become shorter.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
The word "contract" originated from the Latin term "contractus", which is the past participle of the verb "contrahere". "Contrahere" is composed of two Latin elements: "con-" meaning "together" and "trahere" meaning "to draw". Therefore, the term "contract" originally meant "to draw together" or "to bring together". This Latin term signified the idea of bringing parties together and binding them through mutual agreements or promises. Over time, the meaning of "contract" expanded to refer to a legally binding agreement between two or more parties.