A contract is a legally binding agreement that defines and governs the rights and duties between or among its parties. A contract is legally enforceable when it meets the requirements of applicable law. A contract typically involves the exchange of goods, services, money, or a promise of any of those.

What are contractual means?

contractual | Business English

relating to a contract or included in a written contract: ... contractual obligations/commitments/duties The company failed to meet its contractual obligations. contractual entitlement/right An employee has a contractual right to be paid.

What is contractual term in law?

Contractual terms are defined as conditions, warranties or innominate terms. This may be specified in the contract, implied by the nature of it, or implied by law.