Examlex
With respect to the concept of administration,it is generally correct to say that:
Contract
A legally binding agreement between two or more parties outlining specific obligations and rights, which, if broken, can result in legal consequences.
Agreement
A mutual understanding or arrangement between two or more parties outlining their respective rights and obligations.
Agents
Individuals or entities authorized to act on behalf of another, known as the principal, in dealings with third parties.
Principals
In legal and business contexts, refers to the primary parties involved in a transaction or agreement.
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