Commitment and Contract

noun

• The trait of sincere and steadfast fixity of purpose.
  • usage: "a man of energy and commitment"
  • synonyms: committedness
• The act of binding yourself (intellectually or emotionally) to a course of action.
  • usage: "his long commitment to public service"; "they felt no loyalty to a losing team"
  • synonyms: allegiance, loyalty, dedication
• An engagement by contract involving financial obligation.
  • usage: "his business commitments took him to London"
• A message that makes a pledge.
  • synonyms: dedication
• The official act of consigning a person to confinement (as in a prison or mental hospital. ).
  • synonyms: committal, consignment

• (n.) The act of referring or intrusting to a committee for consideration and report; as, the commitment of a petition or a bill.
• (n.) The act of committing or putting in charge, keeping or trust; consignment; especially, the act of committing to prison.
• (n.) A doing or perpetration, in a bad sense, as of a crime or blunder; commission.
• (n.) A warrant or order for the imprisonment of a person; -- more frequently termed a mittimus.
• (n.) The act of pledging or engaging; the act of exposing, endangering or compromising; also, the state of being pledged or engaged.

Commitment is a promise by a lender to make a loan on specific terms or conditions to a borrower or builder. A promise by an investor to purchase mortgages from a lender with specific terms or conditions. An agreement, often in writing, between a lender and a borrower to loan money at a future date subject to the completion of paper work or compliance with stated conditions.

noun

• A binding agreement between two or more persons that is enforceable by law.
• Contract bridge. ( the highest bid becomes the contract setting the number of tricks that the bidder must make)
  • synonyms: declaration
• A variety of bridge in which the bidder receives points toward game only for the number of tricks he bid.
  • synonyms: contract bridge

verb

• Enter into a contractual arrangement.
  • synonyms: undertake
• Engage by written agreement.
  • usage: "They signed two new pitchers for the next season"
  • synonyms: sign, sign on, sign up
• Squeeze or press together.
  • usage: "she compressed her lips"; "the spasm contracted the muscle"
  • synonyms: compress, constrict, squeeze, compact, press
• Be stricken by an illness, fall victim to an illness.
  • usage: "He got AIDS"; "She came down with pneumonia"; "She took a chill"
  • synonyms: take, get
• Become smaller or draw together.
  • usage: "The fabric shrank"; "The balloon shrank"
  • synonyms: shrink
• Make smaller.
  • usage: "The heat contracted the woollen garment"
• Compress or concentrate.
  • usage: "Congress condensed the three-year plan into a six-month plan"
  • synonyms: condense, concentrate
• Make or become more narrow or restricted.
  • usage: "The selection was narrowed"; "The road narrowed"
  • synonyms: narrow
• Reduce in scope while retaining essential elements.
  • usage: "The manuscript must be shortened"
  • synonyms: abridge, foreshorten, abbreviate, shorten, cut, reduce

• (v.i.) To be drawn together so as to be diminished in size or extent; to shrink; to be reduced in compass or in duration; as, iron contracts in cooling; a rope contracts when wet.
• (n.) To draw together so as to wrinkle; to knit.
• (n.) To shorten by omitting a letter or letters or by reducing two or more vowels or syllables to one.
• (a.) Contracted; affianced; betrothed.
• (a.) Contracted; as, a contract verb.
• (n.) To draw together or nearer; to reduce to a less compass; to shorten, narrow or lessen; as, to contract one's sphere of action.
• (v.i.) To make an agreement; to covenant; to agree; to bargain; as, to contract for carrying the mail.
• (n.) To enter into, with mutual obligations; to make a bargain or covenant for.
• (n.) The agreement of two or more persons, upon a sufficient consideration or cause, to do or to abstain from doing, some act; an agreement in which a party undertakes to do or not to do, a particular thing; a formal bargain; a compact; an interchange of legal rights.
• (n.) To bring on; to incur; to acquire; as, to contract a habit; to contract a debt; to contract a disease.
• (n.) To betroth; to affiance.
• (n.) The act of formally betrothing a man and woman.
• (n.) A formal writing which contains the agreement of parties, with the terms and conditions, and which serves as a proof of the obligation.

In real estate parlance, the' Contract' is the legal document by which buyer and seller make offers and counteroffers. The real estate contract describes the property, includes or excludes items in the property, names the price, apportions the closing costs between the parties and sets forth a closing date. When buyer and seller agree on terms and sign the same document, the property is said to be "under contract." More formally known as agreement for sale, purchase agreement or earnest money contract.