Contract
From Simple English Wikipedia, the free encyclopedia
A contract is an agreement between two or more people or groups. Sometimes, the contract is written down and signed by the people agreeing to it. Sometimes the contract may be spoken and in many cases (such as a stock exchange) spoken contracts are binding. In other cases (such as English property law) contracts are not binding unless they are signed.
People usually sign a contract when something important or costly is being done. For example, when a person takes a job, they will sometimes sign a contract with their employer. The contract will show what the person must do as part of his job, how much he will be paid, and so on. The person and the employer will sign the contract, and it will become a legal promise.
