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Contract translated from Latin means “agreement, agreement”

A contract is a bilateral or multilateral agreement between parties that defines the rights and obligations of each party towards each other. It can be concluded in various forms, such as a written contract, an oral contract, or a transaction between individuals without a written contract.

Contracts may vary depending on their purpose and subject matter. For example, contracts may include a seller's obligations to sell goods or services to customers, a buyer's obligations to pay for the seller's goods or services, and a government agency's obligations to provide services to the public.

In the modern world, contracts play an important role in the economy and business, as they ensure stability and predictability of relations between the parties. In case of failure to fulfill the obligations of one of the parties, the contract provides for the liability of the parties in accordance with the conditions defined in the contract.

However, when concluding contracts, the risks associated with violation of the terms of the transaction and non-compliance with obligations should be taken into account. Therefore, before concluding a contract, it is necessary to carefully analyze all the conditions and requirements of the parties, as well as the possible consequences of violating obligations.