A legal document, usually in writing, giving details of a formal legally binding agreement, between two or more different people or groups. To be legally binding it must contain certain elements: it must contain an offer made by one party and accepted in its entirety by the other, it must include some form of consideration whether it be money, goods or services, and it must be properly signed by all parties to it, and dated.

A contract in which all elements of a contract are specifically stated (offer, acceptance and consideration), and the terms are set out, as compared with an implied contract in which the existence of the contract is assumed by the circumstances.

A demonstration of the willingness of a party to enter into a bargain, made in such a way that another individual is justified in understanding that his or her assent to the bargain is invited and that such assent will conclude the bargain. The general rule is that it must be reasonable in the circumstances for the recipient to believe that the communication is an offer. The more definite the communication, the more likely it will constitute an offer.

The demonstration of agreement with the terms and conditions of another person’s offer so that the offer becomes a formal contract between the two parties.

The practice whereby an employee leaving a job, having resigned or had their employment terminated, is instructed to stay away from work during the notice period, while still remaining on the payroll. This practice is often used to prevent employees from taking with them up-to-date (and possibly sensitive) information when they leave their current employer, especially when they are leaving to join a competitor.