Contract Terms Definition

When two or more parties agree to a set of terms in order to complete a transaction, they are said to have entered into a contract. The contract terms can be written or oral, but must be agreed upon by all parties in order to be legally binding. The terms of the contract will outline the expectations and responsibilities of each party involved, as well as any conditions that must be met in order for the contract to be completed.

It is important to review the terms of any contract before signing, as you may be held responsible for any breaches of the agreement. If you are unsure about any of the terminology used in a contract, it is advisable to seek legal advice before proceeding.