Contract

(kontrakt.) [L. contract us - contra ho, I draw together.] (Law.) A covenant or agreement between 2 or more persons, with a lawful consideration or cause which binds the parties to a performance. Each party to a C. must be of sound mind at the time it was made, and, unle for nece aries, of age; and, if a woman, generally speaking, she must be unmarried. The considerations are either future marriage, since performed; or money, or something capable of being estimated in money; or some act or omi ion of an act, undoubtedly advantageous to the party in whose favor it was done or omitted; the act contracted for must not be unlawful. The agreement must be obtained neither by fraud nor compulsion; and it is sometimes vitiated by fraudulent acts committed subsequently to it. When it relates to an interest in land of 3 years' duration or more, or to goods of $50 or upwards, there must be earnest, or delivery, or a memorandum in writing, signed by the parties or their agents. When it is an agreement as surety, or upon marriage, as a consideration, it must be in writing, the want of the latter being, however, supplied in equity by partial performance. [s. 223]