Contract: A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy. A contract may be either unilateral, by which only one party is bound to act, or bilateral, by which all parties to the instrument are legally bound to act as prescribed.

 

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Contract: A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy. A contract may be either unilateral, by w . . . View Full Definition

Sales Contract: A real estate sales contract contains the complete agreement between a buyer of a parcel of real estate and the seller. Depending on the area, this agreement may be known as an offer to purc . . . View Full Definition

Repayment Contract: A contract between a water user’s organization and the Bureau of Reclamation by which the organization obligates itself to repay a share of the reimbursable construction and other costs (not . . . View Full Definition

Strike Price (Exercise Or Contract Price): The price, specified in the option contract, at which the underlying futures contract or commodity will move from seller to buyer.