a contract for the benefit of only one of the parties, the other party receiving nothing as consideration.
Terms To Know When Making A DealLet's take a look at a few different types of and terms about contracts so you come out on top in your next contract negotiation.
Its vs. It’sOne confusing pair of words to write out is its and it’s. Its is a possessive form of it, meaning belonging to it. I t’s is a contraction of the words it is or it has. To figure out which is correct for your sentence, just swap in “it is” and then “it has“. If the sentence makes sense with either of those substitutions, use it’s. If …
Origin of gratuitous contract
First recorded in 1650–60
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019