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Tags: law
Categories: Economics & Finance
An agreement in writing between two or more individuals or entities in which a court can impose penalties in the event one party attempts to negate on his or her promise as set forth in the signed document.
(Read more: http://www.businessdictionary.com/definition/binding-contract.html#ixzz2ILyBlpkc)
Synonyms:
executory contract
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