MLchartDataset catalogue

Contract

Term · Insurance and risk management · MLC-T-INS-000940

A legally binding agreement between two or more parties that creates mutual obligations enforceable by law. In insurance, the policy itself is a contract, outlining the terms and conditions of coverage. For a contract to be valid, it typically requires an offer, acceptance, consideration, and the intention to create legal relations.

Table 1. Record
IdentifierMLC-T-INS-000940
FieldInsurance and risk management
SubjectCommercial Liability
Record as JSON 
{
  "id": "MLC-T-INS-000940",
  "term": "Contract",
  "field": "Insurance and risk management",
  "definition": "A legally binding agreement between two or more parties that creates mutual obligations enforceable by law. In insurance, the policy itself is a contract, outlining the terms and conditions of coverage. For a contract to be valid, it typically requires an offer, acceptance, consideration, and the intention to create legal relations.",
  "subject": "Commercial Liability",
  "url": "https://mlchart.com/terminology/insurance/contract/"
}

Record 740 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.