"A contract is an agreement which has been written down and signed by the people agreeing to it." ... I think this is not true, at least in the USA. I think that a contract in the USA can be a "verbal contract" or "oral contract", not written down.
Not true in the UK either. I will improve the text. --BozMo 10:48, 2 Jul 2004 (UTC)
I have also toned down the bit about contracts of employment. They are increasingly popular here but many people just used a signed copy of an appointment letter with principle terms attached. --BozMo 10:52, 2 Jul 2004 (UTC)