UNDER CONTRACT Meaning and
Definition
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Under contract refers to an agreement or legal arrangement between two or more parties, where one party agrees to perform certain duties or obligations outlined in the contract, while the other party agrees to provide compensation or some form of consideration. When an individual or entity is said to be "under contract," it means that they have committed to fulfilling the terms and conditions set forth in the contract. This contractual commitment generally imparts certain rights and responsibilities to both parties involved.
The term "under contract" commonly arises in various industries such as real estate, employment, and professional services. For instance, in the real estate context, when a property is labeled as "under contract," it indicates that a buyer has made an offer to purchase the property, and the seller has accepted it. During this period, the buyer typically conducts inspections, secures financing, and completes other necessary steps before finalizing the transaction.
Being "under contract" provides legal obligations and protections to the parties involved, ensuring that they adhere to their respective promises. It establishes a binding relationship between the parties, outlining the terms, conditions, and requirements they must fulfill. In cases of breach or non-compliance, the contract also stipulates the legal remedies available to the aggrieved party.
Common Misspellings for UNDER CONTRACT
- ynder contract
- hnder contract
- jnder contract
- inder contract
- 8nder contract
- 7nder contract
- ubder contract
- umder contract
- ujder contract
- uhder contract
- unser contract
- unxer contract
- uncer contract
- unfer contract
- unrer contract
- uneer contract
- undwr contract
- undsr contract
- unddr contract
- undrr contract
Etymology of UNDER CONTRACT
The word "contract" originates from the Latin word "contractus", which is the past participle of the verb "contrahere", meaning "to bring together" or "to draw together". This Latin word is a combination of "con-" (meaning "together") and "trahere" (meaning "to draw" or "to drag"). In English, "contract" initially referred to a binding agreement between two or more parties.
The phrase "under contract" simply means that a party is bound by a legal agreement, typically a written document, to perform certain obligations or receive certain benefits. The term "under" implies being subordinated or subject to the conditions, terms, and obligations outlined in the contract.
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