Human civilization couldn’t have gone this far without contracts. It is our ability to agree with one another that makes our greatest creations possible. According to the Merriam Webster’s Dictionary of Law, the term contract comes from Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com –with, together + trahere to draw. A contract is an agreement between two or more parties that creates in each party a duty to do or not to do something and a right to performance of the each other’s duty; a contract is also the document embodying such an agreement.
Here is a video we produced where you will find some basic terms regarding contracts: