Common Contract Types and Their Definition

Non-compete Agreement - An agreement by which parties are bound not to compete.

Non-disclosure Agreement - a contract where one or more parties agree not to disclose confidential information that they have shared with each other as a necessary part of doing business together.

Partnership Agreement - The legal document that dictates the way a business is run and details the relationship between each partner.

Postnuptial Agreement - A written agreement executed after a couple gets married, or has entered a civil union, to settle the couple's affairs and assets in the event of a separation or divorce.

Prenuptial Agreement - An agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage fail.

Promissory Note - A signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on-demand.

Property And Equipment Lease - A contractual agreement where the lessor, who is the owner of the equipment or property, allows the lessee to use the equipment or property for a specified period in exchange for periodic payments.

Indemnity Agreement - A comprehensive form of insurance compensation for damages or loss. When the term indemnity is used in the legal sense, it may also refer to an exemption from liability for damages.