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Meaning of formal contract
A formal contract refers to a legally binding agreement between two or more parties.
Etymology of formal contract
The word "contract" originates from the Latin "contractus", which is the past participle of "contrahere", meaning to draw together or to agree.
The term "formal" comes from the Latin "formalis", meaning of or relating to form or shape, and has been used in English since the 15th century to describe something that is done in a official or conventional way.
Synonyms
Definitions
- A formal contract is defined by Oxford Languages as a written or spoken agreement, especially one that is legally binding.
- * It can also refer to a contract that is made in a formal or official way, often in writing and with specific terms and conditions.
Usage Examples
- The company signed a formal contract with the supplier to purchase raw materials for the next year.
- * The employee was required to sign a formal contract outlining the terms and conditions of their employment.
- * The two countries negotiated a formal contract to establish trade relations.
Antonyms
informal agreement
verbal agreement
handshake deal
unofficial understanding
casual arrangement
loose agreement
unbinding contract
non-legally binding agreement
gentleman's agreement
unspoken understanding
implicit agreement
tacit agreement
unwritten agreement
unofficial contract
unformalized agreement