Contractual Agreements

Definition updated on November 2023

What are contractual agreements?

A contract is a written agreement between two or more parties that is enforceable in court. The terms, circumstances, and anticipated outcomes of the relationship between the parties are set forth in this written agreement. Although it can also be utilized in personal interactions, a contract agreement is primarily used in business connections. A contractual agreement serves as a record of the agreement between the two parties. Both parties are legally bound to the terms of the contract once they enter into one.

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