Gatekeeper Contract and Vendor Management Glossary

Search common contracting language and take a deeper dive to discover what each means

Contract

A Contract is a legally enforceable agreement entered into by two or more parties.

For a Contract to be binding it must meet the following legal requirements: 

  • All parties must have the  capacity to enter into the contract - for example, they must be of legal age.
  • The contract must have consideration. The law of a particular state must be examined to determine the jurisdiction’s requirements as part of the consideration. 
  • The subject matter must be lawful.
  • Both parties must assent to the agreement. 

Contracts can also be oral or verbal, but in some instances the must be written out. 

Gatekeeper makes it easy to store, see and manage your contracts, so you have control during every stage of the lifecycle.