Contract
"An agreement made between two or more parties who promise to perform or not to perform specified acts, which agreement creates for each party a legal duty and the right to seek a remedy for breach of that duty.
(a) A constructive or implied contract is an agreement that is implied by law from the circumstances of a business dealing and in accordance with the common understanding between reasonable persons in order to carry out the intent of the parties and do justice between them.
(b) An express contract is an oral or written agreement the terms of which are explicitely declared when the contract is made.
(c) An executory contract is one that has not been performed."
Hinkelmann, E.G. 2008. Dictionary of International Trade 8th Edition. California, USA: World Trade Press
See Contracting
