closed contract
Definition
Whose terms constitute the entire agreement between the contracting parties and no clause or provision can be changed or modified without mutual consent. An insurance contract, for example, is a closed contract whereas a construction contract may not be one. See also open contract.
closed contract is in the Agreements & Contracts, Corporate, Commercial, & General Law and General, Marine, & Life Insurance subjects.
closed contract appears in the definition of the following term: open contract
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