A contract is an agreement between two or more people in which
one person agrees to do something by a specified date in return for something
done by the other. Usually the contract is a written document signed and dated
by both parties. It must state clearly the consideration, that is, what is to be
given or done by one person in exchange for what is given or done by the other.
If one person does what was promised and the other does not, that other may be
sued in court and required by court order to make good. He or she may also be
required to pay for damages suffered as a result of the failure to perform. The
things to be done by both parties must be stated in definite terms or the court
will hold that contract is too vague and general to be enforced. Similarly, the
time period within which the work is to be done must be definite or the court
will say that the document is not a contract. 1) A contract is
an (46) . 2) Usually the contract is a
(47) document. 3) A contract must (48)
what is to be given or done. 4) The one, who does not
do what was promised, will be required to (49)
damages. 5) The things to be done by both parties must
be stated in (50) .